FinTech

#InspireAfrica2019: Paystack, Renmoney Make LSE ‘Companies to Inspire Africa’ in 2019

Paystack

Nigerian payments firm Paystack and micro digital lender Renmoney were featured on the London Stock Exchange Group (LSEG) list of ‘Companies to Inspire Africa’ for 2019.

Paystack and Renmoney appeared in the financial services category.

Sitting at the heart of the world’s most international financial market, LSE has always played a central role in bringing together ambitious and growing companies from around the world with globally-minded investors.

Key to that role is a continual effort to raise awareness in emerging markets of the unrivalled investor base that exists in London and seeking exposure to new geographies and opportunities. Similarly, LSEwork to educate and introduce investors to the opportunities that these companies and countries may offer.

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Nigerian payments firm Paystack is used by more than 17,000 customers, from small start-ups to large government agencies, to securely collect online and offline payments and grow their business. According to the company, its system handles more than $20m worth of payments every month.

Paystack was set up in 2015 by two software developers, Shola Akinlade and Ezra Olubi, and has raised more than $9m in funding to date with a $1.3m seed investment round in December 2016 and an $8m Series A round in August 2018. Among its backers are global payments firms Stripe and Visa.

Paystack

Greater access to the digital world, often as a result of the widespread adoption of smartphones, has created opportunities for businesses to reach large audiences more easily than ever before.

Among those taking advantage of that is Renmoney Microfinance Bank.

Renmoney started in 2012 with a microfinance banking license in Lagos, initially under the name RenCredit. It changed its name to Renmoney in December 2013 and since then it has upgraded to a state license and opened five more branches.

Renmoney offers short-term loans, deposit and savings accounts including products tailored for smartphone purchases, school fees and household appliances.

Under its Loan@Work offering it provides reduced rate financing that other companies can offer to their employees.

“We’ve spent the last years building more convenient solutions to provide credit when our customers need it,” Oluwatobi Boshoro, CEO, said.