Stripe takes over Nigerian Paystack for $ 200 million

The American Stripe buys the nugget Paystack leader in online payment

Concretely, what Stripe has acquired is a base of approximately 60,000 customers, including small and large businesses, fintechs, institutions and online betting companies.

Five years later, the company has attracted a buyer who has seen the company's potential as it tries to expand into other regions of Africa. Although the terms of the deal have not been disclosed, TechCrunch reports that the deal is worth over $200M (€170.1M); making it the biggest startup acquisition to have occurred in Nigeria.

It is for this reason that Paystack has been regularly nicknamed the "Stripe of Africa". With its Acquisition, it now has the power of Stripes API and the funds to make a major push for dominance in the African Market.

Paystack said it now has around 60,000 customers across Africa, including small businesses, larger corporates, fintechs, educational institutions, and online betting companies.

"Paystack is a growth engine for modern businesses in Africa, and we couldn't be more excited to join forces with Stripe, whose mission and values are so aligned with ours, to nurture transformative businesses on the continent", said Shola Akinlade, CEO and co-founder of Paystack.

Paystack will continue to operate independently.

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Paystack which already processes over 50% of online transactions in Nigeria has worked closely with Stripe for some years.

Founded by John Collison and Patrick Collison in 2010, Stripe develops software that allows businesses to accept payments online. "Both companies are alums of the Y Combinator accelerator program, and Stripe led our Series A round of funding in 2018", Shola Akinlade, CEO and cofounder of Paystack mentions in a blogpost.

The Africa opportunity is particularly attractive, with the continent's internet economy growing 21% YoY, 75% faster than the global average per Stripe.

The statement described Stripe as a technology company that builds economic infrastructure for the Internet. For us, it's about the mission.

However, co-founder John Collison recently dampened speculation about an imminent flotation when he said that the company's hiring of new chief financial officer Dhivya Suryadevara did not mean Stripe was preparing for an IPO. "We are thinking of what the world will look like in 2040-2050".

"We believe deeply that with the right tools, African creators, developers, and entrepreneurs can do incredible things".

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