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Stripe Acquires Nigeria’s Paystack For $200M

Paystack is joining stripe to accelerate online and offline commerce across Africa.

Both brands have agreed to join forces in order to continue their various business activities. This was made known by the CEO of Paystack in the person of Shola Akinlade.

“I’m thankful to share that Paystack is joining the Stripe family. We’ll be acquired by Stripe to accelerate online commerce across Africa, pending standard closing conditions including regulatory approvals.”CEO paystack

Paystack is a technology company powering growth for businesses in Africa through its collection of secure payment tools, as over 60,000 businesses of all sizes use our suite of Collections, Disbursements, Identity Verification, Reporting, and Commerce tools to grow their business across the continent,

Some of these businesses Paystack worked for includes FedEx, UPS, MTN, the Lagos Internal Revenue Service, and AXA Mansard.

” Merchants already use our technology to process hundreds of millions of dollars each month, and joining forces with Stripe will supercharge our ability to serve our community of makers and help more businesses across the nation.” CEO Paystack

Paystack is PCI DSS Level 1 Certified and this is the most stringent level of certification in the global payments industry, enabling companies to transact across Africa.

Stripe on the other hand is a technology company that builds economic infrastructure for the internet. Companies of all sizes – including Amazon, Google, Shopify, and Zoom – use Stripe’s software to accept payments and scale their online businesses. Each year, more than 80% of American adults complete a purchase using Stripe.

“Stripe Merchants already use our technology to process hundreds millions of dollars each month, and joining forces with Stripe will supercharge our ability to serve our community of makers and help more businesses across the continent.”CEO Paystack

There have been a close partnership between Stripe and Paystack over the last years, as both companies are alums of Y Combinatorial accelerator program and Stripe led a round of funding in 2018.

Both companies have been working together for a long time now and feels joining forces officially will help build a new generation of transformative business across Africa.

Paystack has made it known that there is a lot more they would like to share about Paystack’s journey to this point, but this isn’t the time for it, as regarding the serious conversations happening at all levels about police violence in Nigeria, especially against young makers, as this matters deeply to everyone at Paystack.

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