Paystack, a Lagos, Nigeria-based fintech startup, raised $1.3m in seed funding.
Backers included Tencent, Comcast Ventures, Singularity Investments, 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 angels.
The company intends to use the funds to build out its engineering team in Lagos, to grow its sales and marketing operations, to accelerate product development and customer onboarding.
Led by co-founders Shola Akinlade and Ezra Olubi, Paystack provides an online payments platform that connects 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.
Now moving out of beta, the company has partnered with Nigeria’s leading Internet companies iROKOtv, Jobberman, Payporte, and Hotels.ng, to facilitate fast, safe payments. The payment platform has also built a technology community, as over 30 independent developers have built additional plug-ins and tools for Paystack, using the company’s REST APIs and client libraries.
The company – A YC alumnus – currently runs its operations from Sunnyvale and Lagos, Nigeria.