Selar, an eCommerce tool for digital creators, has revealed that it paid out ₦9.8 billion in 2024, more than double (₦4 billion) what it did in 2023.
The company, founded in 2016 by Douglas Kendyson, has been on an impressive growth trajectory, doubling its payout to creators year on year since 2022 through marketing and strategic partnerships.
According to a social media post by the company, its total number of transactions in 2024 increased by 55.73% to 629,000 transactions. The number of creators on the platform also grew to 241,000 — a 60.78% increase from the previous year.
The platform is now available in 194 countries, accepts 13 currencies, and has increased its total users by 72% to 1.5 million.
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While the company was founded in 2016, things took off four years after in 2020.
In January 2021, the company revealed to Techpoint Africa that it had 17,000 users and $240,000 in revenue. Kendyson, a member of the Paystack founding team, created the platform when he noticed people contacted Paystack about the possibility of selling digital products.
In an interview with Techpoint Africa, he said, “So many people are creating value on different fronts these days. There are coaching and membership programmes people spend half a million naira on. It’s weird because you’d think Nigerians don’t have money for that, but then you’d be surprised to see the number of people paying for things like that.”
The former Paystack employee was right. By 2022, Selar became profitable without any external investment save for the $10,000 Tony Elumelu grant it received in 2018.
Kendyson told Rest of World in 2024 that by 2022, the company had reached profitability. He said, “I enjoyed the autonomy. We have enough money in the bank to keep going, and there’s no reason for us to raise.”
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Selar wants to introduce new products that will support creators such as an enhanced page builder to tighten sales funnels. It will also include French translation for Francophone African users.
