Paystack, a Nigerian startup that provides online payment solutions, raised $8 million from a consortium of investors led by the American firm Stripe.

Tencent Holdings, a Chinese firm offering data and mobile services, Visa, the American credit card service and Y Combinator which provides seed funding to startups also invested in the start-up.

The funds raised will help the startup founded in 2015 to extend its African markets, develop its infrastructure and increase the number of its engineering team.

“Paystack looks to expand rapidly across the continent, we’re thrilled to have the benefit of the deep experience of Stripe, Visa, and Tencent”, Shola Akinlade, the startup’s CEO, said.

Paystack which claims to have been processing 15% of the online payments in Nigeria already raised $1.3 million in December 2016 from international investors.

Chamberline Moko