Nigerian fintech startup, Paystack has been acquired by Stripe, a US fintech company in the hugest Merger and acquisition deal in the Nigerian fintech sphere.
Before now, Stripe had raised $600 million to invest and acquire payments companies in developing nations. Paystack had been on the company’s highlights for a while since 2018 when it led an $8 million funding round for PayStack.
Paystack Co-founder Sola Akinlade disclosed that the company was not up for sale when Stripe initially approached them for the acquisition. Nevertheless, the founding body is mission-driven and believes that the US company could help fast-track their envisioned goals and plans.
Paystack was not for sale when Stripe approached us.“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.
Paystack’s customer base is currently over 50,000 including small businesses, larger corporates, educational institutions, online betting companies, e-commerce etc.
The acquisition looks promising to increase exposure and expansion to other global markets.
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