Nigerian fintech startup Paystack closes on $1.3m seed capital

Paystack says it has closed on Seed Investment of $1.3 million from international investors Tencent, Comcast Ventures and Singularity InvestmentsSpark, 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 Angels, also participated in the investment.

The announcement came following news that the fintech start-up has recently built a payment gateway integration  for Shopify, one of the world’s largest e-commerce platforms.

“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, ecommerce, travel & hospitality, financial services or entertainment,” says Shola Akinlade Paystack CEO.

Paystack
Paystack co-founders Shola Akinlade and Ezra Olubi

“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,” he adds.

The Y Combinator-backed online payments platform is solving the considerable challenge of online payment transactions in Nigeria, by seamlessly connecting all multi-channel payment options with merchants across the country, enabling them to accept payments from around the world, via credit card, debit card, and direct bank transfer on web and mobile.
Paystack is expected to use the investment to build out its engineering team in Lagos, as well grow its sales and marketing operations, to accelerate product development and customer onboarding.