Stripe Acquires Paystack with $200Million
The Nigerian Fintech Company Paystack has been acquired by its American counterpart Stripe. In what seems like a strategic partnership/acquisition, the Lagos based fintech acquisition is coming not as a surprise as two years ago, Stripe made an $8Million strategic investment into Paystack.
Image Credit: Paystack
Stripe is an American Financial Company headquartered in San Francisco, California, responsible for powering various companies including Google, Amazon, Shopify, and Zoom.
Though details of the acquisition are not fully disclosed, as reported by Techcrunch, the deal is said to be for $200Million and that will make this the biggest acquisition coming out of Nigerian and the biggest acquisition of Stripe.
Paystack is one of the Nigerian Tech startups that have disrupted the Nigerian tech space, founded in 2015 by friends Shola Akinlade and Ezra Olubi. According to Paystack, “Paystack is a technology company powering growth for businesses in Africa through our collection of secure payment tools”. Paystack powers overs 60,000 businesses of all sizes including FedEx, MTN, UPS, Axa Mansard, and Lagos internal Revenue Service with 114 staff of 12 nationalities working remotely in 9 countries. According to a press release on their website, “Paystack will continue to operate independently, and there will be no disruption of service as a result of this acquisition. If you’re using Paystack today, there’s no need to change anything about your technical integrations. Paystack merchants and partners can look forward to more payment channels, more tools, accelerated geographic expansion, and deeper integrations with global platforms. We will continue to execute against an ambitious roadmap with the support of Stripe’s resources and deep expertise“.
Video Credit: Paystack
This is a good move I will say, seeing the possibility of following your dream and pushing it to be a global company and a good one seeing a tip of the many potentials in Nigeria.