Business

Stripe Acquires Nigeria’s Paystack For $200m

In its bid to continue expanding throughout Africa, Stripe has completed the acquisition of Lagos-based payments firm, Paystack in a deal reported to be worth over $200 million.

Paystack is a technology company that powers business growth for African businesses through their collection of secure payment tools. They have a PCI DSS Level 1 Certification, which is the highest certification level in the global payments industry, and over 60000 businesses in Nigeria and Ghana use Paystack to collect online and offline payments.

Stripe led an $8 million Series A funding round for Paystack in 2018 and has now decided to buy the Nigerian outfit to take full advantage of a market with robust potential, with online commerce on the continent growing at 21% year on year.

Paystack co-founder and CEO, Shola Akinlade has said that the company will continue to operate independently, and assured that there will be no disruption of service as a result of the acquisition.

Stripe, on the other hand, is a technology company that builds economic infrastructure for the internet, with a clientelle that boasts the likes of Amazon, Google, Shopify and Zoom who all use Stripe’s software to accept payments and move their online businesses forward.

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