Leading indigenous payment solutions provider, Paystack Group has announced with excitement, the raising of additional $8m in Series A funding.
Making the disclosure, the chief executive, Mr. Shola said in a terse statement made available to Business Hilights that “I’m excited to announce that Paystack has raised $8 million in Series A funding”.
“The round was led by payments leader Stripe, and was joined by global payments company Visa, with follow-on investment from Tencent and Y Combinator, and a number of angel investors. This brings the total investment we’ve raised to date to a little over $10 million.
“I’d like to share what this means for you, our customers, and for the future of our company.
According to him, “We’re also excited to welcome on board angel investors Tom Stafford (Managing Partner at DST Global), Gbenga Oyebode (founding partner of Aluko & Oyebode and Board member of MTN Nigeria), and Dale Mathias (Co-founder, Innovation Partners Africa)!
“This brings the total investment we’ve raised to date to a little over $10 million. I’d like to share what this means for you, our customers, and for the future of our company.
Shola recalled that in 2016, “we announced our seed round of $1.3 million to make it easier for businesses in Nigeria to get paid. Two years later, Paystack serves over 17,000 businesses, processing over 15% of all online payments in Nigeria. To put things in perspective, our monthly processing volumes have grown 30 times since we announced our seed round in Dec 2016”.
“We’ve introduced a steady cadence of innovations into the market, including recurring billing, automated chargeback resolution, and customer insights. And all this with a small but mighty team of 29 incredible people,” Shola averred.
“In 2018, we started to plan for what comes next. Our Series A will go towards building out our payment infrastructure even further and expanding across Africa. And as Paystack looks to expand rapidly across the continent, we’re thrilled to have the benefit of the deep expertise of Stripe, Visa, and Tencent.
Paystack boss further revealed that going forward, the group will invest their Series A fundraise into deepening their payments infrastructure, expanding across Africa, and hiring talent.
