Over the last decade, the African Fintech industry has shown to be one of the most promising industries for entrepreneurs to develop.
Finance is the force that drives an economy on both a personal and business level, including bank accounts, mortgages, credit, and payment processing, loans, and point-of-sale systems.
Fintech’s enormous appeal as a category for entrepreneurs has been fueled by the world’s large unbanked populations, the dominance of cash as a means of transacting, and the limited access to financial services that most individuals (even those with bank accounts) have.
The Top 10 Brands Revolutionizing Payments in the African Fintech Industry
This article is a comprehensive run-through of the leading startups in the African Fintech Industry in no particular order. Do ensure you make yourself comfortable as you read this piece because you’re in for an exciting long ride.
1. OPay
Overview
OPay, a Nigerian mobile money firm, was seeded and initially sponsored by Opera, a Norwegian internet browser company, making it one of the world’s most unique startup origin tales. Opay was formed in 2018 and has accomplished a remarkable amount in less than three years.
By providing intelligent financial services, OPay empowers users and allows them to do more with their money.
In 2018, Opay launched its mobile money platform in Lagos, Nigeria’s largest city. From there, Opay quickly expanded its services, intending to become Nigeria’s SuperApp, comparable to what Grab, Meituan, and, to a lesser extent, JumiaPay have accomplished.
ORide (a now-inoperative bike-hailing service), OBus (a bus-booking platform), OExpress (a logistics delivery service), OTrade (a B2B e-commerce platform), and OFood (a food delivery service) were all established by OPay.
However, OPay’s mobile money product is the only one that has actually taken off, and the company has shut down several other business lines to focus on it. Opay currently offers three main product lines:
- Opay Payments: A mobile application that allows users to conduct peer-to-peer (P2P) transactions and make digital payments for goods and services.
- Opay Merchant Tools: A free point-of-sale system and other tools enabling merchants to process and settle transactions as well as sell digital services in real-time (such as mobile data)
- Opay Cards: As part of its platform expansion, the business has issued debit cards.
Aside from geographic development, OPay can widen its product offering by incorporating buy-now-pay-later (BNPL) functionality and other consumer credit options. In emerging regions, companies like Klarna, Affirm, and Afterpay in the West and Kredivo (Indonesia) and ZestMoney (India) have all pioneered the BNPL business model.
OPay’s quick rise in payment volume in Nigeria and recent $400 million in funding position the firm well for aggressive growth in the years ahead, both inside Nigeria and in new markets.
As the drumbeat of financial inclusion continues to grow across Africa, mobile money products like OPay are critical for bringing the unbanked into the financial system and introducing them to more complex financial products like credit cards, home loans, and student loans, all of which OPay may eventually offer.
Opportunities: Ability to spot difficulties and work together to fix them so that everyone can benefit from entrepreneurship.
Technology Advancement: We integrate people with technology to create a work environment that prioritizes impact.
About OPay
OPay is a platform created to make monetary services more accessible to everyday customers –– whether it’s for paying bills or transferring and withdrawing funds, OPay is a system that truly serves its customers most conveniently.
OPay provides a robust dashboard that allows you to view your company transactions and better understand your organization.
OPay is changing the way people pay by providing free POS to their merchants. This alleviates the need for their customers to go to the bank to obtain cash. With a gadget that can do anything from making withdrawals to providing all merchant business services, you may become the go-to place in your neighbourhood for quick cash.
Team
OPay is led by a team that challenges the existing quo, with a combined experience of over 4 years. Ebunoluwa Shipe, for example, is one of OPay’s three well-known executive team members (Senior Operations Manager). Other executives include Allen Qu (COO) and Osagie Alonge (Director of Marketing).
Funding Rounds
OPay has received $570M in investment from 21 investors over three rounds ($50M Series A funding on Jul 09, 2019, $120M series B funding on Nov 18, 2019, $400M in Aug 23, 2021). The most recent round of funding for OPay was a Series C financing.
Technology Stack
OPay employs more than ten different web technology tools; Hosting (including dedicated-hosting, shared-hosting, us-hosting, VPS-hosting, and 44 more technologies), NS, MX, analytics, and widgets are just a few of the tools used.
2. PalmPay
Overview
PalmPay is a rewards-based payment app that is simple and secure. PalmPay is helping to shape Africa’s financial future by changing the payments experience for people and businesses on the continent and making financial services more accessible and cheap.
About PalmPay
PalmPay allows users to send money to pals quickly and pay for airtime and utilities. This firm was established in 2019 to become Africa’s largest financial services platform.
PalmPay makes use of technology to help people become more financially included.
They have supplied over 5 million clients with convenient and affordable digital payments since its introduction in Nigeria and Ghana in 2019. For almost 20% of them, the PalmPay app represents their first official bank account.
PalmPay is preparing to reach out to a more significant number of people in a shorter amount of time. Over the next three years, its goal is to expand into new markets and provide relevant, dependable, and inexpensive financial services to over 100 million people and 10 million enterprises.
To do so, it’s developing an online and offline payments ecosystem that brings together the best digital products from around the world and our own unique features. It makes them accessible to anybody with a smartphone.
PalmPay will be integrated into the primary user experience of new smartphone customers thanks to PalmPay’s premium collaboration with TECNO, INFINIX, and ITEL Mobile, three popular mobile phone brands on the continent. As a result, users are empowered right out of the box with a bank in their pocket.
The company’s offerings enable clients to expand their own businesses by leveraging the company’s dependable network and consumer-focused solutions. It provides solutions to assist them in processing payments, managing business procedures, and increasing income and customer base.
Team
PalmPay is driven by a team that challenges the established standard, with over 3 years of experience across the board. PalmPay has at least two well-known executives, namely Greg Reeve (CEO) and Jason Mycroft (Chief Commercial Officer)
Funding Rounds
PalmPay has received over $140M in funding from 9 investors in two rounds (the seed round was $40M on November 13, 2019). PalmPay’s most recent financing round was a Series A round.
Technology Stack
PalmPay’s website employs more than a dozen web technology technologies. Widgets, CMS, javascript, media, and framework are just a few examples.
3. Flutterwave
Overview
The most convenient way to take payments from customers all over the world. Flutterwave gives any business limitless options for selling online, processing payments, creating financial products, and using business tools to help them develop.
About Flutterwave
Flutterwave was launched in 2016 in Lagos, Nigeria, and has raised $234.6M to date. Flutterwave runs an API that allows individuals and businesses on the African continent to handle credit cards and other payment types. It focuses on connecting clients to local and international businesses and service providers.
It enables these businesses and service providers to conveniently receive payments from their clients, and it is currently operational in 150 countries. Payments can be made in USD, Naira, Euro, Yuan, and GBP. The company’s headquarters are in San Francisco, California.
Flutterwave launched a new feature in 2020 that lets businesses set up their store directly on the Flutterwave platform, in addition to being a payment gateway. To provide financial services to Africans, the company has worked with well-known companies such as Visa, Alipay, and Worldpay.
Flutterwave’s payment tools are all in one place. Their sophisticated payment ordering mechanism, great speed, and gorgeous simplicity are all highlighted at the checkout. Its goal is to increase merchant income while also giving customers the most outstanding possible payment experience. It is also simple to accept money. Anyone, anywhere in the globe, can effortlessly send money to merchants.
Flutterwave’s APIs and business tools have the most refined approach to collecting money throughout the globe in 30+ currencies. Users can now make single or bulk transfers (payouts) to bank accounts from their Flutterwave dashboard, allowing them to take advantage of a secure payment system that protects their money and data while they grow income.
Flutterwave creates jobs by posting job openings and encouraging visitors to apply for positions they are interested in and capable of. At the time, the jobs of Compliance and Risk, Customer Experience, and Customer success are available. Current openings can be found in various locations throughout the world, including London, Cameroon, Dakar, Abidjan, Rwanda, etc., and even remote jobs.
Team
Flutterwave is led by a team that challenges the status quo, with a combined experience of more than 6 years. Iyinoluwa Aboyeji (co-founder), Bode Abifarina (Chief Operating Officer), and Olugbenga Agboola are among Flutterwave’s executive team members (Founder & CEO)
Funding Rounds
Flutterwave has raised about $234.625M in investment from 40 investors across 11 rounds. The most recent round of Flutterwave was a Series C round.
Technology Stack
On its website, Flutterwave employs around 15 web advanced technologies. They include, among other things, hosting, SSL, javascript, widgets, and payment.
4. Yoco
Overview
Yoco was founded to make it easy for entrepreneurs to be paid and expand their businesses – and the economy. Yoco is an African point-of-sale payment service for small companies. Yoco enables merchants to obtain cheap financial tools from anywhere, thereby improving their and the economy’s growth and profitability prospects.
Country: South Africa
State: Cape Town
City: NA, Cape Town
Year Founded: 2013
Employee Range: 300 – 500
About Yoco
Yoco’s journey is documented in photos, beginning in October 2014 with the first live Yoco transaction until their current stage. The photographs are so good at telling the story that they say more than words can.
Yoco is a technology startup based in Africa that helps entrepreneurs get paid and grow their businesses. Yoco cuts down barriers and provides access to new companies every day, allowing them to participate in the market and prosper.
Yoco is creating new markets, business tools, and financial services that are beneficial to entrepreneurs. It enables small businesses to accept payments for the first time.
It has also raised over $100 million from some of the world’s most prestigious technology investors, including Nubank, Square, and Stone. They’re now pushing Yoco to get South Africa paid and the entire continent.
Yoco has handled over $2 billion in card payments and is now the preferred digital payment solution for over 200,000 small and micro retailers in South Africa, managing over $1 billion in revenues per year. Yoco Khumo, South Africa’s most economical smart card machine, can process Tap, Chip & Pin, Swipe, and digital mobile payments in under 3 seconds.
Yoco enables merchants to obtain affordable financial instruments from anywhere, thereby improving their and the economy’s growth and profitability prospects. They’ve done this by partnering with over 700 retail locations around the country to provide additional merchants with low-cost, high-performance electronic card machines and financial tools to help them start and run their businesses.
Yoco currently has 23 available positions in data, product, technology, growth marketing, and commercial, with the majority of the jobs being remote. They delve deep into complex issues so that their merchants may concentrate on what they do best: increasing the economy.
Team
Katlego Maphai, Carl Wazen (chief business officer), Bradley Wattrus, and Lungisa Matshoba are four friends who co-founded Yoco.
Funding Rounds
Yoco has raised $106 million in total. The Series C investment in the company is the largest of its kind in South Africa and one of the largest for any African fintech.
Technology Stack
According to G2 Stack, Yoco uses 22 technological products and services, including HTML5, HTML5, and Google Analytics.
According to BuiltWith, Yoco is currently employing 76 technologies on its website. Viewport Meta, IPhone / Mobile Compatible, and SSL by Default are among them.
5. Yellow Card Financial
Overview
Yellow Card provides a wide range of cryptocurrency services and goods. Yellow Card Financial is a cash market digital currency exchange.
Headquarter Country: United States
State: Atlanta
City: Atlanta
Year Founded: 2016
Employee Range: 11 – 50
About Yellow Card
Yellow Card is a Pan-African crypto exchange that is now active in 13 countries and is steadily increasing its footprint. Financial inclusion is Yellow Card’s objective, and the company is committed to making crypto and other financial services accessible to Africans. Yellow Card aims to differentiate itself by creating products that don’t need clients to be crypto gurus.
The ‘Financial Inclusion for All’ mission is reflected in the Yellow Card platform. You may safely trade bitcoin on the web or on a mobile device with only a few clicks (or taps).
Their top priority is to keep customers’ money safe. Their distributed system was created from the bottom up, and they use multi-sig wallets to keep your assets secure.
Yellow Card hires qualified people to join their team. Jobs might be on-site or off-site.
Team
Yellow Card is led by a team that challenges the current quo, with over 6 years of experience across the board. At least three of Yellow Card’s executive staff members are well-known, including Jason Marshall, Chief Operating Officer, John Colson, Chief Marketing Officer, and Munachi Ogueke, Chief Business Officer.
Funding Rounds
Yellow Card has received about $16.5M in funding from 15 investors over three rounds. The most recent round of Yellow Card was a Series A round. Yellow Card disclosed a $15M funding round in September 2021, led by Valar Ventures, Third Prime, and Castle Island Ventures.
Technology Stack
On its website, Yellow Card employs around 13 web technology technologies. They contain, for example, javascript, hosting, widgets, NS, and SSL.
6. Wave Mobile Money
Overview
Wave Mobile Money is a Senegalese company that offers a mobile-based financial solution for saving, transferring, and borrowing money.
Country: Senegal
State: Dakar
City: Dakar
Year Founded: 2017
Employee Range: 501 – 1000
About Wave
Wave, a mobile money solution for African domestic markets, began development in 2016.
Drew Durbin (CEO) and Lincoln Quirk (Head of Product) met as first-year hallmates. They became friends because they both enjoy creating essential items with a social impact.
First, they developed Sendwave, currently Africa’s most prominent digital remittance provider. Then they moved on to Wave to bring digital finance to everyone in Africa.
The issue: Nearly 60% of persons in Sub-Saharan Africa did not have a bank account in 2017. That’s for a good reason: the fees are prohibitively high, the nearest bank can be miles away, and most establishments only accept cash.
People are obliged to hide their savings under the mattress since they do not have access to financial institutions. Small business entrepreneurs rely on lenders with exorbitant interest rates. Parents stand in line for hours to pay school fees in cash.
Wave’s approach to resolving the issue is as follows:
- Creating financial services that work the way they should: no account fees, instant availability, and worldwide acceptance.
- Generating financial opportunities in regions where electricity, water, and roads don’t always work.
Wave released a mobile app for cash deposit, withdrawal, peer-to-peer and business payments in Senegal in the fall of 2017 and in Cote d’Ivoire in July of 2019. Our ambition is to make Africa the first continent to be devoid of cash.
Wave allows you to deposit and withdraw money for free, send money to anyone for only 1%, and more. You can pay your bills for free, instantly purchase airtime, and dial their toll-free number for immediate assistance. With their best-in-class security, you can keep your money safe.
Join Waze’s worldwide team and offer modern, affordable banking services to those who need them the most. Waze invites the masses to Build the Future of Money, Africa-first, by joining their global team bringing modern, cheap banking services to people who need them the most.
Working at Waze has several perks, including;
- The ability to work on a life-changing purpose from anywhere globally because they’re a totally remote team.
- Waze makes offers based on a transparent formula, so your salary is not determined by your ability to negotiate but rather by your expertise and experience.
- Every employee receives a free health care plan that covers their entire family.
- Waze has an unrestricted vacation and sick leave policy, with a minimum of 20 vacation days.
Team
Wave Mobile Money is driven by a team that challenges the current quo, with over 5 years of experience across the board. Wave Mobile Money features at least two well-known executives, namely Ben Kuhn (CTO), Sid Sridhar (General Manager Waemu), Coura Sene (General Manager Waemu), and Kizito Okute (Head of Agent Operations).
Funding Rounds
Wave Mobile Money has received approximately $200M in funding from 9 investors over two rounds. The most recent round of Wave Mobile Money was a Series A round.
Technology Stack
On its website, Wave Mobile Money employs around 14 web technology tools. They contain widgets, payment, javascript, CMS, and SSL, among other things.
7. Fawry
Overview
Fawry is Egypt’s premier digital transformation and e-payments platform. Fawry is Egypt’s premier digital transformation and electronic payment platform, providing financial services to consumers and businesses through over 225,000 locations and several channels. In addition, Fawry is a provider of payment gateways and e-commerce solutions in Egypt.
Country: Egypt
State: Al Qahirah
City: Cairo
Year Founded: 2008
Employee Range: 251-500
About Fawry
Over the last decade, Fawry, Egypt’s major digital transformation and e-payments platform, has transformed the concept of Omnichannel payment in Africa and the Middle East.
Fawry is Egypt’s leading digital transformation and e-payments platform, with over 225,000 locations and various channels where individuals and companies may get financial services.
Fawry provides a secure and straightforward way to pay bills and other services in a variety of ways (online, using ATMs, mobile wallets and retail points).
Small grocery stores, pharmacies and stationaries, and post offices are part of Fawry’s network of shops equipped with point-of-sale terminals that accept credit card payments.
Fawry processes over 3.069 million financial transactions every day using its own unique technology, completely compliant with international security standards such as the ISA 27001 and PA DSS certifications.
Collection services, client acquisition, electronic cash, payment facilitation, and business-to-business collection centres are just a few of Fawry’s services.
Team
Fawry is led by a team that challenges the existing quo, with over 14 years of experience across the board. At least four members of Fawry’s executive team are well-known, including Ashraf Sabry (CEO), Mohamed Okasha (Board Member), Abdel Meguid Afifi (CFO), and Amany Fawzy (CTO).
Fawry welcomes people to apply for a job and become a part of their team!
Fawry’s success spirit emanates from its most valuable asset; the Team. If you want to join Fawry’s team of young and inventive experts and are eager and ambitious, please email your CV and a brief description of yourself and your goals.
You can contact them at Jobs@fawry.com
Funding Rounds
Fawry has received about $122M in funding from four investors over three rounds. Fawry’s most recent funding round was from a private equity firm.
Technology Stack
On its website, Fawry employs more than a dozen web technology products. They include, among other things, hosting, javascript, framework, analytics, and MX.
8. Chipper Cash
Overview
Chipper Cash is Africa’s most popular mobile cross-border money transfer service. Chipper Cash enables you to freely move your funds. You may send and receive money quickly and easily across Africa and benefit from free transfers and the lowest cross-border rates.
Country: Ghana
State: Accra
City: Accra
Year Founded:2017
Employee Range:11-50
About Chipper Cash
Chipper Cash is a venture-backed financial technology firm that develops software enabling free and instant cross-border payments across Africa and Europe and solutions for businesses and merchants to handle online and in-store payments.
Chipper Cash Key Figures; has approximately 4 million total users, 40,000 new users each day, an average transaction time of 0.03 seconds, and 80,000 transactions per day.
Chipper Cash is available in 9 countries now, with many more to come. The 9 countries are Tanzania, Nigeria, United Kingdom, Uganda, USA, Kenya, Ghana, South Africa and Rwanda.
Team
Chipper Cash is driven by a super team with over 5 years of experience across the board. At least four members of Chipper Cash’s administrative staff are well-known, including Alicia Levine (COO), Maijid Moujaled (Co-Founder & President), Patrick Triest (Co-Founder & CTO), Ham Serunjogi (Co-Founder & CEO)
Chipper Cash is becoming increasingly popular as a means of money transfer, and they see no limits to the heights you can achieve with them. Join them in creating the most satisfactory money-transfer experience in Africa and beyond.
Currently, there are career opportunities in roughly 52 departments. Become a Chipper Cash employee and help the world find new ways to transact. Join a squad that has a mission. Chipper’s purpose is to connect Africa and open global prospects one transaction at a time.
Funding Rounds
Chipper Cash has received more than $302.2M in funding from 34 investors throughout eight rounds. Chipper Cash’s most recent funding round was a Series C round (November 2, 2021).
Technology Stack
On its website, Chipper Cash employs around 14 web technology technologies. Frameworks, hosting, MX, CMS, and javascript are among the available technologies.
9. Tala
Overview
Tala is a fintech startup on a mission to create a financial system that works for everyone. Tala is a multinational technology business working to make financial services more accessible worldwide.
Country: Kenya
State: Nairobi
City: Nairobi
Year Founded: 2011
Employee Range: 501-1,000
About Tala
Tala’s initial product is a lending software that rapidly assesses and approves individuals with little or no formal credit history.
What They Do: Tala is a digital financial services company that helps those who are traditionally underbanked borrow, save, and invest their money. Our consumer credit app is the most accessible globally, underwriting and disbursing loans to consumers with no formal credit history in seconds. Loans vary from $10 to $500, with interest rates as low as 4%.
How They Do It: Tala created a modern credit system from the ground up, using advanced data science and machine learning. Anyone with an Android smartphone can apply for a loan, receive an immediate decision, and have funds deposited directly into their account. They’re developing new tools to assist people in managing their finances and achieving their goals.
Why They Do It: At Tala, we think that everyone deserves the chance to take control of their finances. With over half of the world’s population unable to access formal financial services, the world is missing out on many new ideas, enterprises, and inventions.
More than 4 million Tala customers in East Africa, the Philippines, Mexico, and India have received over $1 billion in Tala loans to establish and expand small enterprises, pay school fees and utilities, and build more stable financial lives.
RPS Ventures, GGV Capital, IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures, and PayPal Ventures are among Tala’s venture and impact investors. Tala has offices in Nairobi, Manila, Mexico City, Bangalore, and its headquarters in Santa Monica.
Team
Tala posts job openings, urging others to join them in their mission. Tala was ranked amongst the top 50 fintech startups in the world by Forbes in 2021. Tala is working to create the world’s most accessible financial services. Check out their open positions to see where you might fit in.
Customer Experience, Data Science, Design, Finance, Global Business, Growth, Legal, Marketing, People, Product, Program Management, and Technology are just a few of the departments where jobs are available. Jobs are also located in various parts of the world.
Tala is led by a team that challenges the established standard, with over 11 years of experience across the board. Tala has excellent and well-known executive team members, such as Shivani Siroya (CEO & Founder), Chief Technology Officer Kelly Uphoff, Chief Product Officer Jori Pearsall, Chief Financial Officer Jen Loo, Chief Risk & Strategy Officer Kunal Kaul, and Jason Raneses (SVP, Engineering).
Funding Rounds
Tala has raised about $349,439,700.00 in investment from 53 investors for ten rounds. Tala’s most recent round was a $145M Series E round on October 14, 2021.
Upstart (Lead), Stellar Enterprise Foundation, Kindred Ventures, J. Safra Group, Institutional Venture Partners, Revolution Growth, Lowercase Capital, PayPal Ventures, and others are among Tala’s investors.
Technology Stack
Tala uses approximately 13 web technology technologies on its website. Framework, analytics, MX, javascript, and CMS are just a few of the tools available.
10. Paystack
Overview
Paystack is a proudly African brand. The company which began in the entrepreneurial metropolis of Lagos, has grown into an African success story, conceived and produced by a worldwide team of compassionate and clever individuals. 126 Joel Ogunnaike, Ikeja GRA, is the address for the Lagos office.
Paystack enables African businesses to be paid by anyone, anywhere in the world. Paystack’s mission is to allow a new generation of African entrepreneurs.
Paystack is a technological startup that helps ambitious businesses solve their payment challenges. Its purpose is to assist African businesses in becoming lucrative, admired, and loved.
Acquired: Stripe
Country: Nigeria
State: Lagos
City: Ikeja
Year Founded: 2015
Employee Range: 11-50
About Paystack
Paystack is a small but thriving company with offices in Lagos and San Francisco. Paystack allows businesses to take payments via credit card, debit card, money transfer, and mobile money on their websites or mobile apps.
In November 2018, there were more than 25,000 active retailers, with a total of 2.9M received payments, and $27.5M+ were paid out to merchants in October 2018.
In Africa, Paystack is a development engine for modern businesses. They develop technology to aid the growth of Africa’s largest companies, from startups to industry giants introducing innovative business models.
Paystack makes it simple for businesses to take secure payments from a variety of local and worldwide payment channels and solutions to help you keep and recruit new clients.
As manufacturers and company owners, they’re driven by a vision of millions of profitable, envied, and adored firms across the continent.
Paystack believes that African enterprises will consistently compete with the world’s finest corporations and win in our lifetimes. Every day, they have a reason to build that world.
Milestones
- Monthly transaction amount of 10 billion Naira in October 2018: Paystack processes over 10 billion Naira ($27.5 million) in a single month for the first time.
- Series A Funding (August 2018): Paystack raised $8 million in funding. Stripe led the Series A round, which included Visa and Tencent and follow-on funding from Y Combinator and Tencent.
- Paystack Starter Businesses was launched in February 2018: Paystack allows businesses that aren’t yet adequately registered to start accepting online payments for the first time.
- In July 2017, the monthly transaction value of 1 billion Naira: Paystack processes over 1 billion Naira ($3 million) in a single month for the first time.
- Pay with Bank was launched in July 2017: Paystack now allows clients to pay with just their bank account number.
- Seed investment in December 2016: Tencent, Comcast Ventures, and Ventures Platform are among the local and international investors who contributed $1.3 million to Paystack.
- Public launch in January 2016: Paystack is no longer in beta!
- Y Combinator, November 2015: Paystack is the first Nigerian firm to be admitted into Y Combinator, the Internet startup accelerator that has incubated startups like Dropbox and Airbnb.
- Paystack was founded in 2015: Shola Akinlade and Ezra Olubi, both software developers and longtime friends, launched Paystack.
Team
Paystack invites you to join their team and conduct meaningful work with friendly, intelligent coworkers who care about your success.
The Paystack Team is a varied, close-knit group with a mission to build something lasting every day while learning something new.
Paystack is driven by a lovely team that challenges the status quo, with over 7 years of experience across the board. Paystack contains at least two well-known executives, including Shola Akinlade (Co-founder and CEO), Ezra Olubi (Co-Founder & CTO), and many other team members, including Nana Adeku; a Biochemist turned Fintech Engineer.
Funding Rounds
Paystack has received around $11.67M in funding from 22 investors over 5 rounds. The most recent round for Paystack was a $10.2M Series A financing on August 28, 2018.
How Paystack is Revolutionizing Payment?
Paystack takes pride in having the industry’s highest transaction success rates. If a transaction fails on Paystack, there’s a good chance it won’t work elsewhere. They make a strong claim and stand by it. This is how Paystack does it:
- Bank Direct Integrations: Paystack is connected directly to some of Nigeria’s top banks, providing near-perfect card transaction success rates.
- Intelligent Routing: Paystack dynamically routes transactions through several gateways and processors, assuring the most efficient payment paths and the highest possible success rates.
- Intelligent Error Correction: In the unlikely event that a transaction fails, Paystack alerts the consumer and provides alternate payment channels so that they can try a new way of payment. If a customer’s card is declined, the Paystack Checkout Form may advise the customer to try paying through a QR code instead.
Technology Stack
On its website, Paystack employs more than 15 web-based technologies. Frameworks, NS, MX, hosting, and SSL are just a few of the technologies used.
Wrapping Up
Fintech companies are doing a fantastic job of ensuring financial independence and frictionless trade transactions amongst merchants. Their system ensures that even those who do not have access to a bank can benefit from their products and services. They are, in fact, altering the narrative and delivering more financial freedom to the society.
