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Nigerian fintech Paystack acquires Stripe

Lagos: The African tech ecosystem has witnessed a landmark moment after Nigerian fintech company Paystack was acquired by global payments leader Stripe in a deal report 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 percent 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. 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.

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