Many domain investors associate Nigerian money handlers with illegitimate business, also known as “419 scams.”
Millions of dollars are lost annually to unscrupulous scammers out of Nigeria, and a typical “419 scam” involves a Nigerian “crown prince.”
With all this negativity in place, it’s refreshing seeing that Paystack, a legitimate money processor from Nigeria, is not only working hard to erase that stereotype, but they also received seed money from major investors.
The recent $1.3 million dollar seed round is backed by Chinese giant, Tencent, along with Singularity Investments and Comcast Ventures.
According to the Paystack web site:
“Africa has millions of payments everyday day, but very few happen online. In Nigeria, just about 1% of transactions happen online. There are many barriers businesses have to face to accept payments online and that’s what Paystack is fixing. “
The company upgraded from a .CO address to the .COM sometime in the last 18 months; most likely the domain was acquired after Paystack was accepted into the Y Combinator group of start-ups.
The domain Paystack.com was once owned by the late founder of B52 Media, Lonnie Borck.
Paystack has offices in San Francisco and Lagos, Nigeria and for more information, visit Paystack.com.
