Paystack, the Nigerian payments company, has raised $1.3 million in a seed funding round from local and international investors. The funds will be primarily used to grow the company’s sales and marketing operations.
Tencent, Comcast Ventures and Singularity Investments lead the investment, with participation from Spark, M&S Partners, Tokyo Founders Fund, Blue Rinc Capital, Pave Investments, and KIBS-CFY Partners. YCombinator’s President, Michael Siebel, Justin Kan, Olumide Soyombo, Leonard Stiegeler and a number of angel investors also participated in the funding round.
Paystack will also use the funds to grow its engineering team in Lagos, accelerate product development and customer acquisition.
It will officially launch its service in Nigeria, partnering with iROKOtv, Jobberman, Payporte, and Hotels.ng, to facilitate fast, safe payments. It will spread to other countries later.
Paystack had already secured $120,000 in early-stage investment from Y Combinator.
Read more at Forbes.