(Ecofin Agency) - Nigerian fintech Paystack which focuses on facilitating digital payment announced the closing of fundraising operation to launch its activities in Nigeria. Through the process, the firm raised $1.3 million which it will use to build its team of engineers in Lagos, boost its marketing and sales operations, and accelerate product development and customers’ integration.

Funds were obtained from various international investors including Tencent, Comcast Ventures and Singularity Investments. Shola Akinlade, CEO of Paystack said the operation was right on time for the firm which has already determined all challenges that merchants face frequently, in regards to online payment. He added the operation would help overcome these challenges.

“We have built and refined a product for Africa that we hope will act as a catalyst for the continent’s online economy, be it on-demand services, ecommerce, travel & hospitality, financial services or entertainment. We know Africa’s digital economy has potential, many billions of dollars of potential, we simply need to unlock it and make businesses work better, faster and more effectively,” said Shola Akinlade.