Nigerian fintech startup, Paystack has just announced a Series A funding round to the tune of $8 million.
Being a payment platform that it is, thousands of businesses are integrated with Paystack’s API. With the new round, which surprisingly is backed by American payment company Stripe, Paystack will have the enablement to connect more businesses across the country.
Specifically, its focus is on integrating the wide range of options that are appealing to Nigerians when it comes to making and accepting payments.
There are other strategic investors in this Series A round and they include the likes of Visa, Chinese online giant and parent of WeChat, Tencent and a plethora of other companies.
In December 2016, Paystack secured seed investment of $1.3 million from investors across the globe, including SPARK. It turns out Tencent also participated in that round.
Having come a long way from that once a baby company that got $120,000 from Y Combinator, Paystack is building a global and truly digital company from Nigeria.
Featured Image: (L-R) Paystack co-founders Shola Akinlade and Ezra Olubi.
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Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.
Lead Venture Analyst at Techpoint. Eager to tell startup stories that offer Nigerians the much needed creative solutions to relate-able problems. Get in touch.
