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.”
https://twitter.com/paystack/status/1316734390551093251
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.
