Paystack secures $1.3mn in seed investment

Paystack, the Nigerian payments company, has raised $1.3 million in a seed funding round from local and international investors which follows after the news that fintech start-up has recently built a payment gateway integration for Shopify. Led by co-founders Shola Akinlade and Ezra Olubi, the Paystack team will 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.

The local and international investors are Tencent, Comcast Ventures and Singularity Investments lead the investment, with participation from Spark, M&S Partners, Tokyo Founders Fund, Blue Rinc Capital, Pave Investments, and KIBS-CFY Partners. YCombinator’s President, Michael Siebel, Justin Kan, Olumide Soyombo, Leonard Stiegeler and a number of angel investors also participated in the funding round.

Their clientele includes some of Nigeria’s leading Internet companies iROKOtv, Jobberman, Payporte, and Hotels.ng.

In a recent interview with forbes,Paystack revealed that the Y Combinator  program basically changed our company’s trajectory when they were funded with $120K and advised them to focus on building our product and talking to their customers, noting that almost everything else involved in building ideas and company, would be a distraction.