The transaction platform that is helping merchants and consumers alike has made considerable growth in 2017.
2017 was the second year of Paystack being fully operational and they made many leaps like growing the number of live merchants from 1,400 at the beginning of 2017 to end the year with over 7,700 live merchants on their platform.
Paystack is a payment platform that makes the online payments process seamless for both the consumers and the businesses they are trying to pay. It aims to give merchants a platform to accept credit and debit card payments online from customers with ease.
Just how much growth did Paystack have in 2017?
Paystack began 2017 with about 1,400 merchants and closed with over 7,700 live merchants accepting payments with Paystack.
Also, Paystack was quoted as saying in a statement that, "we were doing ~200 million Naira (~$550,000) in monthly transaction value. In July 2017, we announced a milestone that meant a lot to us — doing our first 1 billion Naira (~$3 million) in monthly transaction value."
Barely 4 months after this leap, Paystack were able to double that to "hit ~2 billion Naira in monthly transaction value."
"We’re closing 2017 with ~2.7 billion Naira (~$7.5 million) in monthly transaction value, these numbers are strictly the amount of money that customers paid to merchants — it does not include amounts processed as a result of transfers."
Paystack went on to say further, "Another way to look at growth: this time last year, Paystack was doing between 2 million to 2.6 million API calls per month. Today, it’s between 35 million to 44 million API calls per month."
Read Also: Piggy Bank end 2017 with N1 billion in savings, 3000% user growth
While hitting targets, Paystack also made product improvements
In 2017, Paystack improved the platform launching Paystack Transfers which is a feature that allows Paystack merchants to store their revenue inside Paystack as a balance, and then use that store of value to transfer money to any Nigerian bank account.
They also launched Paystack Invoices which allows merchants to request payments from specific customers and the Pay with Bank feature which allows customers to pay Paystack merchants directly from their bank account.
While Paystack made a considerable amount of product improvements, they also increased the size of its team which saw the team grow from 10 people to 25 at the end of the year. To accommodate the increase of the team, Paystack moved into a new office.