Paystack closes seed investment of $1.3m to develop its hub in Nigeria

Paystack, a reinforced payment system that is dedicated to solving challenges relates to online payments in Africa, has announced a closed seed investment of 1.3 million USD. The investment is coming from Paystacks international investors including Tencent, Comcast Ventures, and Singularity Investments, Spark, M&S Partners, and many other organizations and individuals – Michael Siebel, Justin Kan, Olumide Soyombo, Leonard Stiegeler, etc.

With the vision of enhancing African businesses to accept payments from customers across the globe, Paystack management has made known that the investment will be used to further and strengthen its engineering hub in Lagos, Nigeria while working growing its market and sales to quicken its product development. Paystack has been working Y Combinator (www.ycombinator.com) which connects multiple online payment platforms (bank transfers on wed, mobile money transfers, credit card, and debit card) with traders and consumers, hence, allowing them to accept payment across the globe. This current investment development is following recent report of the company’s payment integration gateway on Shopify – a global recognized online shopping platform.

The Fintech startup, Patstack, is gradually providing solution to online payment challenges in a fast growing economy – Nigeria. According to customers, the platform accept payments online in less than 30 minutes after sign up. For a growing economy which sees about six million new internet users each year, it is essential for such online platform to be available.

CEO Shola Akinlade said, ‘We know Africa’s digital economy has potential, many billions of dollars of potential, we simply need to unlock it and make businesses work better, faster and more effectively. Paystack will do this. Thanks to the backing from our investors with today’s announcement, and our time spent with Y Combinator, we are now in the strongest position yet to resolve the disconnect between African businesses and accepting payments.’

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