Business Career

Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent

Paystack co-founders. Ezra Olubi (CTO & Co-founder) and Shola Akinlade (CEO & Co-founder)
Stripe has announced that it has agreed to acquire Paystack, a Nigerian technology startup based in Lagos that makes it easy for organizations of all sizes to collect payments from around the world.

Stripe is a global technology company headquartered in Silicon Valley that builds Fintech infrastructure and facilitates online payments for many online businesses.

According to Stripe, Paystack will be able to continue operating independently after the acquisition as it carries on in growing its operations across Africa.

Eventually, the Silicon Valley Fintech company added, Paystack’s capabilities will be embedded in Stripe’s Global Payments and Treasury Network (GPTN), a programmable platform for global money movement that currently spans 42 countries.

“Paystack is a growth engine for modern businesses in Africa, and we couldn’t be more excited to join forces with Stripe, whose mission and values are so aligned with ours, to nurture transformative businesses on the continent.

We believe deeply that with the right tools, African creators, developers, and entrepreneurs can do incredible things. 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,” said Shola Akinlade, CEO and co-founder of Paystack.

Paystack co-founders. (L to R) Ezra Olubi (CTO & Co-founder) and Shola Akinlade (CEO & Co-founder)
Paystack was founded in 2015 by CEO Shola Akinlade and CTO Ezra Olubi. The two entrenuers graduated from Babcock University, 11 years ago.
The startup, which has offices in both Lagos and San Francisco, enables Nigerian businesses to accept Mastercard, Visa and Verve cards.
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