Fintech: Stripe Gets Its Hands On Nigerian Startup, Paystack

Fintech: Stripe Gets Its Hands On Nigerian Startup, Paystack

USA payments company Stripe has bought Nigerian fintech startup Paystack to expand into the fast-growing online market in Africa, the companies said on Thursday.

These were the details of the news Stripe takes over Nigerian Paystack for $ 200 million for this day.

In a manner that's similar to Stripe, Paystack offers various APIs that allow merchants to build different payment features.

The deal underscores two interesting points about Stripe, now valued at $36 billion and regularly tipped as an initial public offering (IPO) candidate.

Paystack presently has about 60,000 customers that cut across small businesses, fintechs, schools, online betting companies and larger corporations.

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Following the acquisition, Paystack will continue to operate independently, growing their operations in Africa and adding more global payment methods.

The amount of the deal - subject to standard closing conditions, including regulatory approvals - was not disclosed.

Early in 2020, when American financial and SaaS company, Stripe announced that it had raised $600 million in funding, it stated clearly that the main objective of that round of funding was to expand its payment processing service into more countries. Both companies provide a quick way to integrate payment services into an online or offline transaction through an API. We will try to process as quickly as possible to protect the rights of the author. In 2018, Stripe led an $8 million funding round for Paystack, alongside other big wigs like Visa and Tencent participating. Help people start and scale internet businesses, increase the gross domestic product (GDP) of the internet. He also indicated that the pace of online shoppers in Africa was growing at twice the rate for the rest of the world, further highlighting an important aspect of why the deal made sense. "And I think about how over the next few years, there are going to be bigger exits because now it can be done".

Paystack is a growing engine for modern businesses, co-founded by Shola Akinlade, the chief executive officer and Ezra Olubi, the chief technical officer who recently shared his experience with the Nigerian Police. "We can't wait to see what they will build next and how their growth can turbocharge the African tech ecosystem." said Matt Henderson, Stripe's business lead in EMEA.

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