Nigerian fintech startup, Paystack, has reached a major milestone. The company announced that it now processes over N10 billion ($27.5 million) worth of transactions every month. This announcement was made by the startup via a blogpost.
⚡️ Hi team, we're excited to announce a new transaction milestone: customers are now using Paystack to pay over 10 billion naira (~$27.5 million) to businesses, every month! https://t.co/zj2WLDYif8
— Paystack (@paystack) November 1, 2018
According to the post, it took just a year and three months to hit this landmark. The startup hit its previous mark of over a N1 billion monthly in July, 2017. This means it now processes as much as 10 times its transactions of last year. This is a significant stride for the 3 year old startup.
2018 has been an incredible year for our incredible community of businesses. Here’re snapshots of how far we’ve come together between our last milestone and this one.
1/ Monthly transaction value grew 10x pic.twitter.com/jSR9GSIgmB
— Paystack (@paystack) November 1, 2018
Also, the number of transactions carried out on its platform is now about 16 times what it used to be last year, increasing from 186,530 transactions to 2,964,008 transactions within this same period. The number of merchants using its platform for their businesses also increased, rising from 3,742 live merchants last year to 23,523 live merchants presently.
2/ Number of transactions processed each month on Paystack grew 15.9x pic.twitter.com/aZhyllLR6u
— Paystack (@paystack) November 1, 2018
3/ Number of live Paystack merchants grew 6x pic.twitter.com/g8cq1hO5Hq
— Paystack (@paystack) November 1, 2018
The reasons for this growth could perhaps be attributed to the recent partnerships the startup has undertaken over this period. This resulted in a string of new connections with other countries and new products being introduced in the past year.
These products includes: USD Settlements, Bulk Transfers, Granular User Permissions, Customer Insights, Automated Chargebacks, New Checkout Form, Paystack Go, Allowing merchants to verify the identity of customers with only a phone number (in partnership with Truecaller), addition of 4 new payment channels – Pay with Bank, Pay with GTB 737, Pay with Visa QR, and Pay with Mobile Money.
Moving Forward
This milestone achieved further points to the fact that Nigerians are becoming ever more confident in utilising digital payments. And with its ever increasing list of business merchants which includes big players like MTN, Taxify, Nairabet, Piggybank, Paylater, Farmcrowdy and several others, its dream of achieving its next big goal of ₦30 billion in monthly transaction value is expected soon.
While we’ve made progress, there’s still a long way to go, and we’ll need your continued support as we aim for our next milestone: ₦30 billion in monthly transaction value 😄 https://t.co/JSCgXfYsRC
— Paystack (@paystack) November 1, 2018
About Paystack
Founded in 2015 by, Shola Akinlade and Ezra Olubi, Paystack was built to solve the issues relating to online payments in Africa. It achieves its objectives by developing multi-channel payment options for merchants across countries to enable them accept credit and debit card payments from customers around the world.
The startup recently raised $8 million in Series A funding from global financial leaders and announced its plan to expand to Ghana very soon.
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