Stripe to Acquire Nigeria's Paystack

Stripe acquires Nigerian fintech startup, Paystack for over $200 million

U.S. payments company Stripe has bought Nigerian fintech startup Paystack to expand into the fast-growing online market in Africa, the companies said on Thursday. "In absolute numbers, Africa may be smaller right now than other regions, but online commerce will grow about 30% every year". Although the terms of the deal have not been disclosed, TechCrunch reports that the deal is worth over $200M (€170.1M); making it the biggest startup acquisition to have occurred in Nigeria.

"I am thankful to share that Paystack is joining the Stripe family".

That makes this the biggest startup acquisition to date to come out of Nigeria, as well as Stripe's biggest acquisition to date anywhere. It now processes more than half of all online transactions in Nigeria and has 60,000 customers in Nigeria and Ghana, with pilot plans for the South African market. Paystack, which now has more than 60,000 customers, and used by institutions such as governments, fintech, small businesses and larger corporations, has stamped its mark in Africa's largest country by population and economy.

Speaking on the acquisition, Shola Akinlade, CEO and co-founder of Paystack revealed that they had no intention of selling the company when Stripe first approached them.

Paystack will continue to operate independently.

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According to Patrick Collison, the co-founder and CEO of Stripe, the acquisition of Paystack is an enormous opportunity.

Already processing more than half of all online transactions in Nigeria, the company is planning to expand across the continent and has already started a pilot with businesses in South Africa. "We are thinking of what the world will look like in 2040-2050".

"I'm driven by the mission to accelerate payments on the continent, and I am convinced that Stripe will help us get there faster". Stripe thinks of a longer time horizon than others because we are an infrastructure company.

We wait to see how this all plays out.

Founded in 2015 by Shola Akinlade and Ezra Olubi, when Akinlade, while having fun, built a quick way of integrating a card transaction into a web page, Paystack now has around 60,000 customers. "Leveraging Stripe's resources and deep expertise, we're excited to accelerate our geographic expansion and introduce more payment channels, more value-added services, and deeper integrations with global platforms".

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