Paystack, the Nigerian payments startup has been acquired by American based payments company, Stripe in a deal rumoured to be over $200 million.
Paystack was founded in 2015 by Shola Akinlade and Ezra Olubi with the aim of solving the challenges that has confronted digital payment in Africa’s largest economy, Nigeria.
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Paystack created a system that was focused on seamlessly connecting all multi-channel payment options. Merchant could utilise the platform to accept payment globally via credit card, debit card, and direct bank transfer on web and mobile.
Paystack was among the first African startup to be admitted into famous US-based seed-stage accelerator, Y Combinator where it received $120k in funding and access to global investors where it raised over $1.3 million in the process.
The startup has since then gone on to raise mover than $10million in financing from international investors with an eye for the African market.
So far, the startup boast of more than 60,000 businesses using its platform. Paystack is also looking to expand beyond Nigeria and Ghana where it currently operates with South Africa in its radar.
Evidently, Paystack would currently stand as Stripe’s largest acquisition, but it has been reported the the companies would continue to operate independently.
Goijg by the $200million valuation, Paystack is the biggest acquisition out of Sub-Sahara Africa, beating off ROK which was a subsidiary of Iroko TV that was reportedly acquired for a little over $100million.