Stripe earlier in the year announced its has picked up another $600 million in funding. With Paystack’s 60,000 clientele base which includes small businesses, large corporations among other companies.
Paystack will continue to operate independently after the acquisition.
For Paystack, the deal will give the company a lot more fuel (that is, investment) to build out further in Nigeria and expand to other markets, CEO Shola Akinlade said in an interview.
“Paystack was not for sale when Stripe approached us,” said Akinlade, who co-founded the company with Ezra Olubi (who is the CTO). “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.
This follows the acquisition of African startups by Foreign based organization like Mastercard, visa all seeking to gain dorminance in Africa’s Digital Space.