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Paystack embarks on leveraging African online payments with fresh USD 1 mln plus funding

Friday 23 December 2016 | 12:06 PM CET

Paystack, a Nigerian payment services provider, has secured a USD 1.3 million seed investment round led by Chinese investment holding company Tencent, Comcast Ventures, the venture arm of the US largest cable company and Singularity Investments.

The round also included participation from local investors including Spark, an investment company run by Jason Njoku, founder of iROKOtv, http://qz.com reports. Paystack is also backed by the Y Combinator project, having become the first Nigerian start-up accepted into the Silicon Valley-based incubator.

Other players in the fast developing sector include Paga, Flutterwave and payment arms of ecommerce players Konga and Jumia.

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