Nigerian Fintech Paystack Raises $1.3M Seed Investment from Tencent, Singularity Inv., Others

Nigerian Fintech Paystack Raises $1.3M Seed Investment from Tencent, Singularity Inv., Others

Nigerian fintech startup Paystack announces it has closed a Seed Investment of $1.3M from international investors. Tencent, Comcast Ventures and Singularity Investments led the investments with participation from Spark, M&S Partners, Tokyo Founders Fund, Blue Rinc Capital, Pave Investments, KIBS-CFY Partners, Michael Siebel, Justin Kan, Olumide Soyombo, Leonard Stiegeler and a number of angel investors.

The Paystack team will use the USD 1.3M investment to build out its engineering team, grow its sales and marketing operations, to accelerate product development and customer onboarding.

Already, Paystack has partnered with some of Nigeria’s leading Internet companies iROKOtv, Jobberman, Payporte, and Hotels.ng, to facilitate fast, safe payments. The payment platform has also built a strong following amongst Nigeria’s technology community, as over 30 independent developers have built additional plug-ins and tools for Paystack, using the company’s REST APIs and client libraries.

Paystack had already received backing from YCombinator, the venerable Silicon Valley accelerator.

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