Paystack provides an online payments API that lets merchants integrate payments with a few lines of code. The company is active in Nigeria, integrating with tens of thousands of businesses and claiming to process 15% of all online payments in the country. Its platform supports payment cards, bank transfers, mobile money and USSD by working with major banks and mobile carriers to handle fragmented local payment methods. Paystack processes over $20 million monthly and typically takes about 1.5% per transaction. The founders are Shola Akinlade (CEO) and Ezra Olubi (CTO), and Paystack was the first Nigerian startup to enter Y Combinator. The company plans to continue growing in Nigeria and to expand to other African countries, starting with Ghana. Paystack provides an online payments platform that connects multi-channel payment options with merchants across Nigeria, enabling acceptance of credit cards, debit cards and direct bank transfers on web and mobile. Led by co-founders Shola Akinlade and Ezra Olubi, the company has partnered with Nigerian internet companies including iROKOtv, Jobberman, Payporte and Hotels.ng. Now moving out of beta, Paystack has built a developer community of more than 30 independent developers building plug-ins and tools using its REST APIs and client libraries. The company intends to use the $1.3M seed funding to build out its engineering team in Lagos, grow sales and marketing operations, and accelerate product development and customer onboarding. Paystack is a Y Combinator alumnus and currently runs operations from Sunnyvale and Lagos, Nigeria.

Total raised

$9M

Funding rounds

2

Latest round

Series A

Latest activity

Aug 2018