Stripe acquired Paystack, a Fintech Startup in Nigeria, Africa which offers a payment integration services both online and offline.
Paystack have been saviour for most Small businesses in Nigeria and the Whole of Africa. Paystack through its API have been the backbone for most online businesses in Nigeria, it has about 60,000 customers in Africa, including small businesses, fintechs, educational institutions, larger corporates, and online betting companies, and they plan to continue operating independently, as the company earlier said.
In August 2018, Paystack announced their $8m Series A and as well its biggest investors which are VISA and Stripe — link source TechCrunch
Although the Terms of the deal between Stripe and PayStack were not disclosed at the time of this article. It is made to believe that this is the biggest Acquisition of Nigeria startup.
“Paystack was not for sale when Stripe approached us. For us, it’s about the mission…to accelerate payments on the continent, and I am convinced that Stripe will help us get there faster. It is a very natural move” CEO Shola Akinlade.
Shola Akinlade believe that this deal will get paystack to further expand in the market, with over 30% of online commerce growing each year.
Is this Positive for Other Startup in Nigeria who rely on Paystack?
It is a personally believe at this point, believing with all on ground that paystack will eventually expand and bring in more greater opportunities for its customers not only in Nigeria or Africa now but the World.
Paystack today provides a payments API, and it makes revenue every time a transaction is made using it.
Shola also started that most of the innovations which are being built in Nigeria, Africa have never existed before which makes a bigger opportunity for Paystack and Startups in Nigeria.
Stripe and Paystack postponed the original announcement because of the current situation in the Nigeria about the End Sars Protest