October 15

Stripe Acquires Nigeria’s Paystack for $200 Million+ To Expand Into the African Continent

By Ingrid Lunden

When Stripe  announced earlier this year that it had picked up another $600 million in funding, it said one big reason for the funding was to expand its API-based payments services into more geographies. Today the company is coming good on that plan in the form of some M&A.

Stripe is acquiring Paystack, a startup out of Lagos, Nigeria that, like Stripe, provides a quick way to integrate payments services into an online or offline transaction by way of an API. (We and others have referred to it in the past as “the Stripe of Africa.”)

Paystack  currently has around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions and online betting companies, and the plan will be for it to continue operating independently, the companies said.

Photo courtesy of Fiona Graham / WorldRemit Comms.

Source: TechCrunch (link opens in a new window)

digital payments, fintech, startups