56:16Helping African Businesses Get Paid, Shola Akinlade of Paystack
From Y Combinator · Published Jul 22, 2019 · Watch on YouTube
TL;DR
Paystack is a payments company helping African businesses accept payments online; Shola Akinlade, co-founder and CEO, describes building the company from a $200/month processing volume at YC interview to $20M/month three years later.
Key insights
- Less than 2% of Nigerian consumer spending is with cards; most card usage is cash withdrawals at ATMs.
- Digital payments in Africa are still very early, but increasing smartphone adoption, mobile penetration, and new business models (e.g., buying electricity online) are driving growth.
- The YC interview focused on why Shola could build the product (his experience building software for banks and earlier startup Picurio) rather than current revenue; $200 processed that month did not ma
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