Paystack founders, Shola Akinlade (L) and Ezra Olubi
African Startups, News

US Company, Stripe Acquires Paystack for Over $200m in Historic Deal

Nigerian Fintech, Paystack has been acquired by US gateway payment company, Stripe, for over $200 million, making it the biggest startup acquisition in Nigeria.

Paystack confirmed the news via its Twitter handle on Thursday, October 15, saying the acquisition will “accelerate online and offline commerce across Africa.”

Commenting on the deal, Paystack CEO and co-founder, Shola Akinlade, said the company had previously rejected an offer from Stripe to acquire it because it was ill-timed.

“Paystack was not for sale when Stripe approached us. For us, it’s about the mission…to accelerate payments on the continent, and I am convinced that Stripe will help us get there faster. It is a very natural move”, he said.

ALSO READ: Exclusive: Meet The Technopreneur Transforming Africa’s Fintech Landscape

Reports said Paystack will still continue to run independently despite the acquisition.

With around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions, and online betting companies, Paystack will now consolidate its footprint in Africa.

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