Paystack is a payments company that helps businesses in Africa get paid by anyone, anywhere in the world. The startup processes over 50 per cent of all web payments in Nigeria, powering payments for over 60,000 organizations, including FedEx, UPS, MTN founded by Shola Akinlade and Ezra Olubi about 4 years ago.
The company has now been acquired by Stripe. Stripe’s payments software is used by customers including Amazon, Google, Shopify and Zoom, and its acquisition of Paystack is the latest move in its international expansion.
Paystack will be Stripe’s catalyst for growing internet commerce in Africa, with the Lagos-based startup having plans to expand across the continent, start8ng with a pilot in South Africa.
Paystack will continue to operate independently, growing its operations in Africa and adding more international payment methods. Over time, Paystack’s capabilities will be embedded in Stripe’s Global Payments and Treasury Network (GPTN), a programmable platform for global money movement that currently spans 42 countries.
We believe that the action is a big motivation for startup in Nigeria and beyond that, there is greener pasture for as many people have gotten their vision statement right.