Landmark Moment for the African Tech Ecosystem

Nigerian fintech company Paystack has been acquired by global payments leader Stripe in a deal reports say could be worth more than US$200 million. Launched in January 2016 by Shola Akinlade and Ezra Olubi, Paystack is a payments company that helps businesses in Africa get paid by anyone, anywhere in the world. The startup processes over 50 per cent of all web payments in Nigeria, powering payments for over 60,000 organisations, including FedEx, UPS, MTN, and many others.  The company has now been acquired by Stripe, which led Paystack’s US$8 million funding round back in 2018. Stripe’s payments software is used by customers including Amazon, Google, Shopify and Zoom, and its acquisition of Paystack is the latest move in its international expansion. Paystack will be Stripe’s catalyst for growing internet commerce in Africa, with the Lagos-based startup having plans to expand across the continent, start8ng with a pilot in South Africa. “In just five years, Paystack has done what many companies could not achieve in decades. Their tech-first approach, values, and ambition greatly align with our own. This acquisition will give Paystack resources to develop new products, support more businesses and consolidate the hyper-fragmented African payments market,” said Matt Henderson, Stripe’s business lead in EMEA.

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