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.”

In the midst of a tough week in Nigeria, we have some positive news to share.

Paystack will be acquired by @stripe to accelerate online and offline commerce across Africa.https://t.co/7ZAA8vhdIz pic.twitter.com/kShKF5evBK

— Paystack (@paystack) October 15, 2020

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.

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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.