Stripe has entered into an agreement to acquire Paystack, a Lagos, Nigeria-based technology company that enables organizations of all sizes to collect payments from around the world.
The amount of the deal – subject to standard closing conditions, including regulatory approvals – was not disclosed.
Led by Shola Akinlade, CEO and co-founder, Paystack is currently used by more than 60,000 businesses in Nigeria and Ghana to securely collect online and offline payments, launch new business models, and deepen customer relationships. The company, which already processes more than half of all online transactions in Nigeria, has plans to expand across the continent and recently started a pilot with businesses in South Africa.
Stripe and Paystack have been working closely together for some time. In 2018, Stripe led the company’s Series A financing round and has provided ongoing guidance as the company rapidly scaled.
Paystack will continue to operate independently, growing their operations in Africa and adding more international payment methods. Over time, its 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.
Launched in 2011, Stripe is a technology company that enables businesses of every size—from new startups to public companies—to accept payments and manage their businesses online. Headquartered in San Francisco, the company has offices in 14 offices globally including in cities such as Dublin, London, Paris, Singapore, Tokyo, and more, where it employs 2,500 people.