Paystack to be acquired by Stripe to boost online and offline commerce in Africa

Stripe is acquiring Paystack, the Lagos-based startup. As a condition for the partnership, Paystack will run independently with no service disruptions. Anyone using Paystack need not change any aspect of their social integrations.

Paystack is a technology company fueling the growth of businesses in Africa through the use of highly secured payment tools. Over 60,000 businesses directly use Paystack’s suite of collections identity verification, disbursements, commerce tools, and reporting. Other features are MTN, FedEx, AXA Mansard, and the Lagos Internal Revenue Service.

Paystack’s customers are fintech, online betting companies, large corporates, and educational institutions. Exact terms of the deal remain scantly but word going round estimates the figure at $200 million. Stripe is currently valued at $36 billion.

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Stripe

Stripe is a technology company building economic infrastructure for the internet. The company’s software is used by large companies such as Google, Shopify, Amazon, and Zoom.

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The partnership between Paystack and Stripe has been a work in progress, given their close cooperation and being members of the Y Combinator accelerator program and leading their Series A funding round in 2018.

In a video share, Paystack CEO and co-founder Shola Akinlade publicly shared the news.

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Source

Africa News, Technology

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