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Paystacks Raises Over 500 Million in a Seed Funding

Paystacks

Innovative Nigerians are beginning to catch the attention of Silicon Valley as Shola Akinlade and Ezra Olubi, the founders of hot tech company, Paystack have just secured $1.3 million Seed investment .

According to Forbes, Paystacks founders secured investments from top companies and individuals like Tencent, Comcast Ventures and 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 more.

Paystacks which is used by well over 1,500 partner merchants in Nigeria for online payments, was the among the first to be accepted into the “world-famous Y Combinator progam, based in Silicon Valley”.

In a chat with Forbes, one of its founders, Shola Akinlade revealed that they graduated from Babcock University 10 years ago and worked on various programs like Precurio, before moving on as the CTO of Jobberman.

Read his excerpt from his interview below;

“We started Paystack because we knew online payments in Africa were essentially broken and someone definitely had to do the hard work of fixing it. Ezra Olubi [Paystack Co-founder and CTO] and I graduated from Babcock University 10 years ago, and after that, I worked on Precurio, a collaboration software for businesses in emerging markets which was downloaded over 150,000 times and made available in six languages. Ezra on the other hand, started off working in payments with Eyowo, and then went on to become the CTO of Jobberman, and Delivery Science. But we were both from solidly tech backgrounds.

Sometime in 2014, I was helping a few banks with financial software and realised I had a great chance of solving the payments problem; firstly because I had built world-class software before, and now, I had a little access to the financial industry. I started speaking with people in the tech ecosystem and then put up a waiting list, which was really just a call for those who wanted to try out what we were working on. Within one month, we had over 300 people join the waiting list. From this, we felt that we had tapped into an issue that was experienced by many, so we grew the idea from there. The challenge was to solve the issue of online payments in Africa, somehow connecting the super-fragmented aspects of the sector. What we did was develop multi-channel payment options for 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. It’s taken two years of non-stop hard work to grow it from idea stage, to the product we have today.”

Without a doubt the success of the guys at Paystacks thus far will spur other young Nigerians to be more innovative.

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