Stripe to acquire Nigeria-based Paystack

Friday 16 October 2020 15:19 CET | News

Stripe has entered into an agreement to acquire Paystack, a technology company based in Nigeria, following years of partnership.

Stripe and Paystack have been working closely together for some time. In 2018, Stripe led Paystack’s Series A financing round and has provided ongoing guidance as the company scaled.

Following the acquisition, Paystack will continue to operate independently, growing their 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.

60,000 businesses in Nigeria and Ghana use Paystack to collect online and offline payments, launch new business models, and deepen customer relationships. Paystack processes more than half of all online transactions in Nigeria, estimations suggest.

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Keywords: Stripe, Paystack, acquisition, Nigeria, US, financial services, SaaS, GPTN
Categories: Payments & Commerce
Countries: Nigeria, United States
This article is part of category

Payments & Commerce