Nigerian Fintech startup, Paystack have announced that they have closed a seed investment round of $1.3 million from international investors Tencent, Comcast Ventures and Singularity Investments, with participation from Spark, M&S Partners, Tokyo Founders Fund, Blue Rinc Capital, Pave Investments, KIBS-CFY Partners, Michael Siebel, Justin Kan, Olumide Soyombo, Leonard Stiegeler and a number of other Angel investors.
“Having painstakingly identified the many barriers that merchants on the continent have when it comes to online payments, we have built and refined a product for Africa that we hope will act as a catalyst for the continent’s online economy, be it on-demand services, e-commerce, travel & hospitality, financial services or entertainment. 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.” Shola Akinlade, CEO, Paystackcite>
Currently, Paystack is led by co-founders Shola Akinlade and Ezra Olubi and they have aid that they will use the $1,3 million seed investment to build out their "engineering team in Lagos", as well grow their "sales and marketing operations, to accelerate product development and customer onboarding". At present, businesses on the continent struggle to integrate and keep up with many different payment options on offer. This is where the Nigerian startups comes in to address this pain.
Paystack is an online payments startup backed by YCombinator which was founded in 2015 by Olusola Akinlade and Ezra Olubi. The startup helps businesses to accept online payments using Mastercard, Visa and Verve cards from anyone, anywhere in the world. The integration is faster and it takes only 30 minutes instead of 3 weeks (21 days) with only 2 steps instead of 7 steps. They are platform agnostic, as they do not favor one payment platform over any other.
“Paystack is addressing a massive market, helping businesses accept payments online in less than 30 minutes from sign-up,” said Christian Ebersol, Associate at Comcast Ventures. “We look forward to supporting this talented team as they streamline the payment process between merchants and consumers.”