Paystack
American financial services giant Stripe has acquired
Nigerian fintech startup Paystack to expand into the fast-growing
online market in Africa, the companies said on
Thursday.
The acquisition, reportedly worth $200 million, further deepens
the growing interests of fintech giants in the ever-expanding
online commerce sector of Nigeria and Africa at large.
”In order to help increase Africa’s online GDP, Stripe has
entered into an agreement to acquire Paystack, a technology company
based in Lagos that makes it easy for organizations of all sizes to
collect payments from around the world,” a statement on Stripe’s
website read.
“In just five years, Paystack has done what many companies could
not achieve in decades. Their tech-first approach, values, and
ambition greatly align with our own.”
Stripe’s business lead in EMEA, Matt Henderson further added
that “This acquisition will give Paystack resources to develop new
products, support more businesses, and consolidate the
hyper-fragmented African payments market.”
Paystack was founded in 2015 and has more than 60,000 businesses
in Nigeria and Ghana using it to securely collect online and
offline payments, launch new business models and deepen customer
relationships.
”Paystack today is 114 friends of 12 nationalities, currently
working remotely across 9 countries,” Shola Akinlade, Paystack
co-founder, and CEO assured customers.
“What happens next is that we go right back to work because
there is so much that we can fix and improve in Africa’s financial
infrastructure.”
Stripe is reportedly valued at $36 billion, according to
investor website PitchBook.
Read more https://swordpress.com.ng/2020/10/16/stripe-acquires-nigerias-paystack/