This has got be the biggest sum ever raised by any Nigerian startup.

You probably don’t know Paystack, especially if you are not familiar with Nigeria’s tech ecosystem.

But Paystack is a Nigerian-based startup providing payments tools to businesses across Africa.

The startup announced on Tuesday afternoon that it has raised $8 million, a in Series A funding.

The sum translates to about 2.8-billion-naira if you convert the investment using the 360-naira parallel market exchange rate.

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The round was led by US-based financial technology company Stripe, and includes Visa, a follow-on funding from Tencent and Y Combinator, as well as angel investors Tom Stafford (Managing Partner at DST Global), Gbenga Oyebode (founding partner of Aluko & Oyebode and Board member of MTN Nigeria), and Dale Mathias (Co-founder, Innovation Partners Africa), according to a statement by the firm on Tuesday.

This brings Paystack’s total investment to date to more than $10 million. Existing investors include Tencent, Y Combinator, Comcast Ventures Catalyst Fund, Blue Haven Ventures, and Ventures Platform.

Within a little over two years, Paystack's all-African team has grown to process nearly 15% of all online payments in Africa's largest economy, powering tens of thousands of businesses of all sizes including telcos, airlines, and government agencies.

Paystack provides powerful Application Programme Interfaces, APIs to help developers quickly build modern payments experiences online.

With only a few lines of code, developers can create custom checkout experiences, build automated recurring billing systems for subscription products, instantly send bulk transfers to any bank account in Nigeria, verify the identity of customers through five different verification APIs, and much more.

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So, what’s Paystack plan to do with this cash?

Well, according to the statement, Paystack plan to invest the new round of funding in scaling its engineering team, further deepening its payments infrastructure, and accelerating their expansion across the continent.

And this is what its CEO, Shola Akinlade had to say: “As Paystack looks to expand rapidly across the continent, we’re thrilled to have the benefit of the deep experience of Stripe, Visa, and Tencent.

“Our ambition is to give African merchants the tools and services they need to go toe-to-toe with the best businesses in the world, and win.”

And for Stripe’s CEO, Patrick Collison, “the Paystack founders are highly technical, fanatically customer oriented, and unrelentingly impatient” and we’re excited to back such people in one of the world’s fastest-growing regions”.

On their part, Visa’s Head for Strategic Partnerships, Fintechs and Ventures for Visa in Central & Eastern Europe, Middle East and Africa, Otto Williams said: “Our investment in Paystack aligns with the kind of investments we look for - those that will help extend our reach into the global commerce ecosystem as it changes and grows, and that will provide mutually beneficial business opportunities.”

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