Stripe Acquires Nigeria’s Paystack For $200 Million For Expansion Across The Continent

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Lagos, Nigeria, has become a hub for new, innovative tech startups from entrepreneurs from within the country and abroad. African tech startups raised a record $1.3 billion in funding for over 400 investments in 2019, according to an annual report by WeeTracker.

This week, the online paying system Stripe announced the acquisition of a new Nigerian tech startup to expand its services across the continent.

Paystack, an online payment processing system that makes it easier for tech companies in Nigeria to accept online forms of payments, has been dubbed the “Stripe of Africa” by numerous tech insiders. The company currently has around 60,000 customers ranging from large corporate entities to small businesses and educational institutions.

“Paystack was not for sale when Stripe approached us,” Shola Akinlade, co-founder and CEO of Paystack, told TechCrunch. “For us, it’s about the mission. I’m driven by 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.”

According to TechCrunch, the terms of the deal were not revealed but it confirmed that the deal was for over $200 million. That…


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