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Paystack Profile: About, Team, Contacts, size, Funding, and Salaries



paystack company

Paystack Profile: About, Team, Contacts, size, Funding, and Salaries


Paystack company

Two young Nigerian men realized that a lot of Nigerian companies had issues accepting payments from individuals and other companies. This led to the development of a Fintech company called Paystack.


Shola Akinlade is the CEO of Paystack. He was born and bred in Lagos State Nigeria. He studied Computer Engineering at the University. After his university education, he began to work with Heineken, the beer company, as a management trainee. After two years, he left the company. He Co-founded Precurio, an intranet software company for businesses in emerging markets. It was free at first but has long since been monetized and is still in existence.


Ezra Olubi attended Babcock University alongside Shola Akinlade. He is the Chief Technical Officer and Co-founder of Paystack. He worked at Jobberman for a while before Paystack was started.

Before Paystack fintech company began, Shola was working with Precurio and Ezra the CTO was working with Jobberman and delivery science. They were both discontent and knew that they could do better than where they were at the moment.

Related: Flutterwave profile: About, Team, Contacts, size, Funding, and Salaries

The aha moment came when Shola realized he could charge a card directly without redirecting to Interswitch or other payment gateways. His excitement knew no bounds, and he called Ezra Olubi to come and take a look. While all these were happening, he already began to have ideas of what he could do with sudden knowledge.

Shola quickly assembled a team and in their research, they found out that if a card could be charged directly, then every other payment process around it could be circumvented and solved. This gave birth to the name PAYSTACK. It is loosely translated to mean, a stack of tools that can help merchants accept payments.

The main work began after Shola Akinlade, Ezra Olubi and Ope Aikomo left for the  YC program, a silicon valley combinator in November 2015. They became the first African start-up to be admitted to the YC program. YC which stands for Y combinator has been the wind beneath the sails of quite a number of businesses. They pick teams from all over the world and give them access to funding and mentorship. This helps the team grow their businesses. Some businesses like Dropbox, Airbnb, Stripe, and Reddit are big businesses that were given a foundation by YC.

At the YC, Shola, Ezra, and Ope put in a lot of work. Shola built version zero of the software. Much later, the three put heads together and built version 1. The launching of the Paystack fintech company happened in January 2016.


paystack company

Paystack has about a hundred and one staff in their employ. This team of dedicated young men and women work extra hard to take Paystack to the next level.


The Paystack fintech company Lagos office is located at 126 Joel Ogunnaike, Ikeja GRA.

You can visit support for more information and inquiry.

Salary scale

Paystack pays their entry-level graduate workers between ₦170,000 – ₦ 250,000 per month. This is after tax is removed and excludes other allowances. They are also entitled to housing assistance, full medical coverage, a MacBook Pro, gym membership, and free lunch.

Aims and objectives

Paystack was developed to solve three major problems.

1) To help small businesses get started. Prior to the development of Paystack, owners of businesses had to do a lot of paperwork before they could get paid. This resulted in a lot of stress and disillusionment on the side of the business owners.

Related: All you need to know about the Dangote Group

2) The second major problem was aiding payment for businesses. Paystack has made it easy and smooth for such payments to occur.

3) The third major problem was to gently ease into digital payments by giving traders and customers incentives to do so. This was achieved through the provision of tools like data, performance, and reconciliation for the merchants.

The summary of the existence of Paystack fintech company is that they help businesses get started, help them get paid, and also help them to grow their businesses.


The Paystack fintech company Lagos office is located at 126 Joel Ogunnaike, Ikeja GRA.

Target market

Paystack is available in Nigeria and a lot of groundwork is ongoing for expansion to Kenya and Ghana.  Currently, efforts are also being made to participate fully in digital marketing when it becomes more accepted in Nigeria and Africa.

Using Paystack

Go to the Paystack website and sign up. Make a request to go live. You can use the API’s if you have a web developer. In the absence of a web developer, you can use the payment pages. Navigating the website is easy and does not require much effort or skill.

Paystack growth and milestones

Paystack fintech company has grown steadily all through the years. It currently has about 60,000 companies which includes small businesses, fintech companies, betting companies, educational institutions, large corporations, and much more.

Paystack fintech company hit major milestones all through the years it has been in operation.

  • One of its first milestones was the pay with the bank. This allowed customers to pay money with their bank account numbers. It happened in July 2017. In the same month, the company grossed over one billion Naira in transactions, within a month.
  • In February 2018, small businesses were able to get registered formally. This happened using Paystack to make online payments.
  • In October 2018, they were able to gross over 10 billion naira transactions in one month. In the same year, they were able to raise over $8 million in series A which was led by Stripe, and some investors with Tencent and Y-Combinator.

Paystack Funding

Getting funding for the project happened during the demo day at the YC. Each team had three minutes to present their project before a panel of top investors from all over the world. The investors get to indicate if they like your presentation and project. After their presentation, they had a number of investors and were able to raise $1.3 million from angel investors, Tencent and Comcast. This happened in December 2016.

On the 15th of October 2020, the news had it that Stripe was acquiring Paystack for $200 million. This is a partnership and the companies will operate independently of each other. The acquisition is an opportunity for a massive expansion of Paystack beyond the shores of Nigeria.

This is also an opportunity to grow Nigerian online GDP. The founders of Paystack at first resisted the move with statements, that the company was not for sale. Being mission-driven however, they were able to see the big picture and accepted the deal.



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App & Software

8 Small Business Apps for Planning And Accounting



Running a small business involves wearing a lot of hats and can be exhausting! You would want to spend less time on the actual work but have a higher profit.  Thankfully, there are mobile applications that can make small business planning and accounting easy, faster and more efficient. This guide examines the 8 of the small business apps for planning and accounting which you should know and use today. Most of these apps are android applications.

Notably, most android planning and accounting apps lack the full functionality of web and desktop software applications. However, the convenience and accessibility they offer make them valuable assets for an extremely busy entrepreneur. With them, you can keep tabs on your business and accomplish accounting tasks when you are away from the office – whether you’re at home, on the road, working on a location or traveling.

The 8 Small Business Apps for Planning and Accounting

To help you navigate the seemingly endless sea of business apps, here are my top 8 proven to work small business apps for planning and accounting which you can deploy for your business.

1.     Google Tasks:

Research shows that taking out 5 minutes of your day to plan for it saves 5 hours. Get things done with Google’s plain but popular system for managing, capturing and editing your tasks. It integrates with Gmail and can be synchronised across all your devices, with free Apple and Android apps.

2.     FreshBooks:

FreshBooks is a mobile app that operates and stores data in the cloud. Cloud storage is especially nice if you are on the go. FreshBooks is often rated as outstanding and is suitable for both small businesses and freelancers. Some think it is more intuitive than QuickBooks.

The strength of FreshBooks is probably in customizing and automating your invoicing. It is compatible with 84 other different applications such as Shopify, Zoom, and G-Suite.

3.     inDinero:

inDinero is an amazing business apps for accounting and planning. This is a budgeting app that offers a lot of services for  small businesses. What is in for you? The inDinero app pulls your bank and credit card statements from all of your banks. There is no need to shoebox receipts due to this feature and inDinero places your expenses in the proper categories for you immediately. The app tracks the spending habits of the business every month.

In addition to helping the small business with budgeting, inDinero prepares financial reports like profit and loss statements, statements of cash flows, and assists in financial forecasting. It is compatible with most accounting and bookkeeping apps like and QuickBooks Online.

4.     Fluidly:

Fluidly is cash management software that any business or accountant could use to keep on top of cash flow. It gives the business real-time cash flow forecasting so it can keep on top of its cash position and forecasted future cash position, Fluidly also helps your business plan for various cash flow scenarios.

5.     Evernote:

Evernote mobile app is particularly useful to small businesses in areas of planning and keeping accounts of transactions is the mobile Evernote app that is used for many purposes.

In business and in finance, there is always some extraneous piece of information you need to jot down that doesn’t seem to go anywhere else. You can use the powerful Evernote app for this.

Business Apps for Planning And Accounting

6.     Sage:

The next option in our list of the best business apps for accounting and planning is the Sage mobile app.

What are the benefits of Sage app to business for planning and accounting?

With the sage app you will be able to create and send professional invoices, track and log income and expenses, capture receipts, attach receipts to expenses, access account information, track and manage unpaid and overdue invoices, update business contacts and lots more.

7.     Wave:

Wave is an accounting software platform designed for businesses all around the world, independent contractors and sole proprietors with nine or fewer employees or even more employees. What does it have in store for you?

Wave lets you track sales and expenses, manage invoices and customer payments, pay employees, scan receipts and generate accounting reports. The company also offers free personal finance software to help small-business owners manage their finances in one place.

8.     QuickBooks:

Last but not the least; Quickbooks is an ideal app for accounting tasks on the go. It makes invoicing and other forms of accounting tasks super simple with its easy to use interface. It makes room for attachment of photos and notes to estimates, invoices, customers, and transactions. Guess what? They have more than a million downloads and nearly 25,000 user reviews on Google play.

The Bottom Line

Now that we’ve gone through eight of the best apps for small business accounting and planning, I guess you now have an idea of which app best suits your business needs. There’s no doubt that any of these applications can serve your business well. Get things done quicker, more efficient and most of all more profitably with the information provided NOW!!



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App & Software

Top 10 Refer and Earn Apps in Nigeria 2020



Hello there! Do you want an extra source of income? Or, are you interested in making some cool cash without having to risk investing a start-up capital? Do you just want to make some more productive use of your mobile phone, in generating some cash for yourself? If your answer to any of these questions is YES, then you’ve got yourself an opportunity to achieve just that by following this article to the end! This article discusses in detail the top 10 refer and earn Aapps in Nigeria 2020.

In the following paragraphs, you’ll get to know about a few mobile apps which pays you just for referring others to use the app.

But before going through these apps, here are a few things I feel you need to note before you could start earning:

  1. You need to be a registered user of the applications.
  2. You’ll need some data particularly for installing and running the applications.
  3. Trying to earn an income from this apps is NOT a Get-Rich-Quick thing. The earnings from these apps are not always gigantic, although they could add up really quickly if you out in more effort.
  4. The earnings may seem so little at the first. But don’t be discouraged; the more the referrals you make, the more you earn.
  5. You don’t need any special skill to start and/or manage these apps or the referral process. You can simply use the traditional methods to get new referrals from time to time; and finally
  6. You can start right away!
Top 10 Refer and Earn Apps in Nigeria

Top 10 Refer and Earn Apps in Nigeria

Top 10 Refer And Earn Apps in Nigeria 2020

See some of the top 10 refer and earn apps in Nigeria 2020 below:

(1) SumoTrust Affiliate

SumoTrust affiliate is a refer-and-earn program by a Nigerian-owned financial oraganization named SumoTrust. They are an automated investment/savings, learning and finance management organization. They help users in effectively planning their money, as well as make wiser financial and business decisions. Users set savings goals, and work towards achieving them over their forecast time. They also have other options where you can fix your savings you don’t want to spend over a period of time.

But how does their affiliate program work?

All they want from you is to share a referral link gotten from your Affiliate Earnings section in the account which you have with them. Send it to your friends on various social media handles such as Twitter, WhatsApp, etc. and ask them to join Sumotrust.

For each successful referral that registers and saves up to seven thousand five hundred naira (N7,500), you earn six hundred naira on the go! You can reach them on or download their app from your respective application store.

(2) Motute Affiliate

Motute is an education-based app in partnership with SumoTrust. Motute (a.k.a. Mobile Institute) is a learning and teaching marketplace which connects instructors in various fields from around the world to organizations, individuals or group of individuals towards imparting novel skills and knowledge in building better careers as well as gaining financial freedom.

To participate in Motute referral program:

  • Download the app from your respective stores
  • Register with them
  • Then tell your family and friends about buying a course with them.

For every sale you bring to Motute, they pay you 25% commission. There you go.

(3) VFD Microfinance Bank App

VFD Microfinance bank app is a financial institution that operates a little differently from your regular bank. VFD microfinance bank boasts of putting out “Nigeria’s first truly virtual bank,” V. The application is free, and there aren’t any hidden charges either for funds transfer within or outside VFD.

How can you make money through VFD Microfinance bank app referral program?

Veelager is a platform on V which allows you to make money through referrals to the bank. Refer 25 people to V app and get thirty thousand naira, provided they continue banking with VFD. But that’s not the highest they pay for referrals. The more you refer, the more you earn. It’s as simple as that.

(4) FairMoney App

Fair money lends money to borrowers. You could loan up to five hundred thousand naira from them, all depending on their assessment of your financial profile or history. As soon as your application is made and approved, you get your credit alert from the bank, of course, with terms and conditions which you’ll agree to.

However, whenever you successfully make a referral to the app, FairMoney gives you a five hundred naira discount. Does it look too little? Multiply that by twenty and see what you get. The choice is yours to make. 

(5) Cowrywise App

Cowrywise is a financial organization, just like VFD which allows customers to save, invest and get interests over a period of time at interesting rates. Their savings and investments also come with security just as you’ll find in traditional commercial banks.

As a form of encouragement to customers towards referring others to them, Cowrywise rewards her customers. You could earn up to five hundred naira per referral as a Corporate ambassador with Cowrywise.

(6) Luno App

Luno app deals in different types of cryptos, especially etherium and bitcoin.  The app could also be used for savings, apart from trading.

For every referred user that purchases BTC worth five thousand naira, Luno rewards you with two hundred and fifty naira worth of bitcoin. Like I’ve always said, the more the referrals, the more you earn.

(7) JumiaPay Nigeria

JumiaPay, as you may already have guessed, is a subsidiary of the renowned ecommerce platform, Jumia. JumiaPay is a free online payment app that allows you to recharge your phone, book a ride, order your food, or even pay utility bills.

When you invite anyone to use the app, JumiaPay pays you N500 when your referrals spend above the same amount using the app. There you go.

(8) Carbon App

Next on our list is Carbon App. Carbon App, formerly known as PayLater, is a nice app for investing money, making loans or making payments.

Carbon App does not charge you for transactions done on the app: interesting if you asked me.

In a means of providing more earning platforms for its customers, Carbon app pays five hundred naira per referral when the referred repay their first loan.

(9) Branch App

Branch is an online lending platform that provides loans to customers. They offer loans ranging from N1, 500, up to N150, 000.

On every referral you make, Branch pays both you and the referred N500.

(10) Piggyvest App

And last but not the least, is Piggyvest App. Like Cowrywise, Piggyvest allows you to save, invest and earn interests over time.

When you make referrals, and they complete their profile, you earn N1000 on each referral. Multiply that by fifteen and see how much you’ve got.

There you have it: various applications which pay you for just making referrals via your social networks. The choice is now yours to make: will you take it or will you leave it? Make a move today and earn by just referring people – friends, family, even strangers to use any of these apps today!



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App & Software

Why Samsung S10 Is The Best Bet For Technology Lovers; Full Review Of The Samsung Galaxy S10 Smartphone



Samsung Galaxy S10 Smartphone



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