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Stripe Acquires Nigeria's Paystack To Penetrate African Market

Stripe is acquiring Nigerian fintech company, Paystack, which provides payment processing services for consumers and businesses for 200m USD.

Ola Olaoluwa
Ola Olaoluwa

The deal's terms are still undisclosed but sources say the deal is worth about $200 million. Stripe had earlier led an $8 million funding round in Paystack.

Source: Stripe

Paystack currently has approximately 60,000 customers, including small businesses, larger corporations, fintechs, educational institutions, and online betting companies, and the new acquisition will see them continue operations independently.

Reports say that Stripe has no plans to acquire other regional companies or other operations to expand its footprint, with their interest in Paystack being mainly as a result of its impressive structure and standing, rather than its location.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)

News

Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur