Paystack; Everything You Need to Know

Paystack is an Application Programming Interface (API) used to set up online paymen gateways enabling businesses to accept credit and debit cards from customers. Paystack was founded in 2015 by Shola Akinlade and Ezra Olubi.

Paystack offers payment solutions to businesses across Nigeria and Africa. It has over 25,000 merchants including online shops, online betting websites and so on.

History of Paystack

Paystack was founded in 2015

In November 2015, Paystack was accepted into the Y Combinator, the tech startup accelerator. Paystack was the first Nigerian company to be accepted into Y Combinator

In January 2016, Paystack was officially launched

In December 2016, Paystack raised $1.3 million from local and international investors, including Tencent, Comcast Ventures, and Ventures Platform.

In July 2017, Paystack processed over N1 billion transaction for the first time in a single month. They introduced a system that enable customers pay with only a bank account number.

In August 2018, Paystack raised over $8 million Series A led by Stripe, together with Visa, and follow-on investment from Tencent and Y Combinator.

In October 2018, Paystack processed over N10 billion for the first time in a month.

Skrill Acquires Paystack

In October 2020, one of the leading global online payment system Skrill acquired Paystack for $200 million.

Functions of Paystack

Paystack offers secure payment from multiple local and international channels

Paystack office

Paystack  office is located at 126 Joel Ogunnaike, Ikeja GRA, Lagos.