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Fintech & Ecommerce

Stripe acquires African fintech startup for $200M

Oct 15, 2020

This acquisition is expected to increase Africa’s online GDP

Stripe

Stripe acquires African fintech startup for $200M. Source: shutterstock.com

Stripe has entered into an agreement to acquire a Lagos-based Paystack. The company makes it easy for organizations of all sizes to collect payments from around the world.

According to the report, Paystack will continue to operate independently, growing its operations in Africa. It also aims to add more cross-border payment methods.

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 rapidly scaled.

In just five years, Paystack has done what many companies could not achieve in decades. Their tech-first approach, values, and ambition greatly align with our own. This acquisition will give Paystack resources to develop new products, support more businesses, and consolidate the hyper-fragmented African payments market. We can’t wait to see what they will build next and how their growth can turbocharge the African tech ecosystem
Matt Henderson, Stripe’s business lead in EMEA

Over time, Paystack’s capabilities will be embedded in Stripe’s Global Payments and Treasury Network. That’s a programmable platform for the global money movement that currently spans 42 countries.

The acquisition is subject to standard closing conditions, including regulatory approvals.

We’ve reported that Stripe has expanded its payment services in Europe. It is now generally available in the Czech Republic, Romania, Bulgaria, Cyprus, and Malta.

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