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Fintech - May 6, 2021

Is Paystack Shaping up to Be the Next Flutterwave?

It wasn’t entirely a surprise when news broke about the expansion of Paystack to South Africa, considering that the payments company was recently acquired by an international financial services giant, Stripes in a deal worth $200 million dollars. 

With the launch of Paystack in South Africa, people are starting to compare the payments company with the unicorn, Flutterwave which is known for being present in 20 African countries. It’s easy to see where these comparison is coming from as both companies were founded a year apart and both facilitate payments between business. 

However, Paystack has taking a rather cautious approach. The explanation for this, according to the company, is that each African country has its own set of peculiarities, and since each country has its own set of regulations, it’s quite difficult to launch at scale.

 Abdulrahman Jogbojogbo, Product Marketer at Paystack, told Techcrunch“Our goal isn’t to have a presence in lots of countries, with little regard for service quality. We care deeply that we deliver a stellar end-to-end payment experience in the countries we operate in,” Jogbojogbo said. “And this takes some time, careful planning and lots of behind-the-scenes, foundational work.” He added.

Paystack, backed by Stripe and armed with millions of dollars, will need to shake things up at some stage. Stripe’s pan-African vision is equally vital to the company, even though it works independently, and speed will be critical. The five-year-old company understands this, saying, the pace of growth will quicken as it grows into more African countries.



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