Paystack says it has processed over ₦1 trillion in transactions in July 2024 in a major milestone for the Nigerian FinTech company.
Paystack: 2024 has been a year of inspiring growth
The fintech company highlights that this is the first time it has achieved this volume in a single month, reflecting its growing influence and the expanding digital economy in Nigeria.
According to Paystack, “2024 has been a year of inspiring growth for thousands of Paystack merchants, and we’re thrilled to share our latest milestone! For the first time ever, businesses in Nigeria sent and received over 1 trillion naira with Paystack, in a single month (July 2024).”
Founded in 2015, Paystack has rapidly become a major player in the payment processing industry. The company, headquartered in Lagos, Nigeria, offers a range of payment solutions to businesses of all sizes. In 2020, the company was acquired by Stripe for $200 million, further cementing its role in the global financial technology landscape.
Since its inception, the FinTech company says it has made notable strides in expanding its services. In 2016, it secured $1.3 million in seed funding from Tencent and other investors. The company’s growth continued with an $8 million Series A funding round led by Stripe in 2018. Before its acquisition, Paystack was used by over 60,000 businesses across Nigeria and Ghana for various payment needs.
It has introduced several key innovations over the years. In 2016, it integrated with Shopify to support African retailers, and by 2021, it became the preferred payment partner for WooCommerce. Additionally, the company has launched support for Apple Pay and formed a partnership with Xero in 2022 to streamline payment processes for Xero users in Africa.
Home