New funding for Nigerian fintech

10/30/2018 7:33:48 AM

Nigeria’s growing fintech industry is getting noticed by international investors. One of Nigeria’s fintech flagships, Paystack, has had a successful new funding round of $8 million.

The Nigerian payment company (see earlier Club Africa story), has raised $8 million from investors such as the global payment company Stripe (with participation from Visa) and Tencent. In 2016, The Nigerian start-up was accepted into Y Combinator, the renowned Silicon Valley incubator that backed earlier start-ups that became industry leaders, such as Dropbox.

Paystack allows developers to create payment tools through its APIs. The company connects to multiple payment processors and handling transactions for merchants and consumers. With the $8 million, the company will able to fuel its growth, possible also outside Nigeria. 

Paystack has been applauded for lowering the bar to starter business, accepting new businesses on its platform even without a certificate of incorporation or a corporate bank account.  

Further reading on qz.com

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