Paystack recorded a monthly transaction volume of N1 billion three days ago. It was announced via a tweet by Ezra Olubi, Co-founder and CTO of Paystack. They attributed the feat to the increased number of Nigerian customers paying Nigerian merchants online, monthly, via Paystack.
Paystack is a Fintech startup a little over a year and the half old. It is a payments platform that makes the online payments process seamless for both the consumers and the businesses they are trying to pay.
A Fintech(Financial technology) startup is a startup that uses new technology and innovation with the aim to compete with traditional financial methods in the delivery of financial services.
According to information posted in the company’s blog Paystack went from N100k monthly transactions in November 2015 to N1 billion this July. It also celebrated a N100 million in monthly transaction value in August last year.
The N1 billion monthly transaction volume is inspiring as it’s a proof that a Nigerian startup has the ability to succeed in a market dominated by bigger more established players. Paystack is also remarkably just a company of 12 employed and was just 5 a year ago.
Paystack is used by most Startups and merchants in Nigeria who have found it difficult to integrate paywalls to their website. Most users of the platform attest to its ease of usage and reliability in solving simple needs as one of the reasons why it is used.
Paystack is interestingly operates out of San Franciso and Lagos Nigeria. Paystack, last December received seed funding of $1.3 million from both international and homegrown investors. Founders Ezra Olubi and Shola Akinlade become headline news when their company also became the first Nigerian startup to be accepted into the world-famous Y Combinator program, based in Silicon Valley.
At exactly 9:56 PM (WAT) on the 25th of July, 2017; Paystack crossed a billion Naira processed in a single month. pic.twitter.com/cUGMWHWOgj
— Ezra 'God' Olubi. (@0x) July 25, 2017