Shola Akinlade, who had studied computer science at university, worked first for Heineken for two years before he “got bored” and decided to strike out as an entrepreneur. Paystack was founded in 2015 by CEO Shola Akinlade and CTO Ezra Olubi
. The startup, which has offices in both Lagos and San Francisco, enables Nigerian businesses to accept Mastercard, Visa and Verve cards.
. The startup, which has offices in both Lagos and San Francisco, enables Nigerian businesses to accept Mastercard, Visa and Verve cards.
Paystack, a Stripe-like startup out of Lagos that provides online payment facilities to merchants and others by way of an API and a few lines of code.
Paystack is an online payment gateway that makes it easy for merchants to accept credit and debit card payments online from users or customers.
His first stab was another “clone” of sorts: it was an emerging market version of Dropbox called Precurio,
which grew to have over 200,000 customers. Some of those were Nigerian banks, who started to reach out to ask if Akinlade could help them with software projects. In doing so, he spotted a big gap in the market to build a startup around e-commerce payments covering multiple banks and multiple other players in the payments chain. “I quickly realised that payments here were not the same as in the US and UK,” he said.
which grew to have over 200,000 customers. Some of those were Nigerian banks, who started to reach out to ask if Akinlade could help them with software projects. In doing so, he spotted a big gap in the market to build a startup around e-commerce payments covering multiple banks and multiple other players in the payments chain. “I quickly realised that payments here were not the same as in the US and UK,” he said.
Building a product that knits together a number of disparate services those relationships is not only more challenging for those less familiar with the landscape, but potentially something that they are less interested in doing on their own when the market remains still relatively small. Akinlade said that the total amount processed monthly at Paystack is now at over $20 million — which in larger global terms is still a very small amount of money, and even less so when you consider that what Paystack makes on those transactions is just 1.5 percent.
In 2016, Paystack became the first startup from Nigeria to enter Y Combinator, and the incubator is doing some follow-on investing in this round. Other strategic investors in this Series A include Visa and the Chinese online giant Tencent, parent of WeChat and a plethora of other services. (Tencent also invested in Paystack’s previous round: the startup has raised $10 million to date.).
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Endy Edeson
Boma Pepple-Uduebor Thanks so much for reading.
I guess you have used paystack in purchasing things onlin before? ??
Endy Edeson
Kelvin Ademeso Thanks. I appreaciate. Have you purchased something online using paystack before?
Endy Edeson
Ogundipe Oluwashinaolami yes, he has lots of investors around the world to have reached such a peak in transactions . Paystack is Africa version of Stripe. Even the owner of Stripe recommends Paystack.
Xto Osas G
This is great ideas and development in the country.
At least, some Nigerians will learn to do what they studied. Just as this man did.
Accountant submitted CV in a place electrical engineer is needed.
Luc Ifans
This put a smile on my face
We need more Nigerian like this...