Payment processing giant Stripe has acquired Nigerian startup Paystack in a $200M+ deal. Stripe seeks to expand into the African Market in its bigger strategy announced earlier this year to expand its API- based payment processing services to more regions.
Paystack, like Stripe offers online payment integration services using APIs to facilitate transactions. To date, Paystack has approximately 60 000 customers ranging from small businesses, fintechs to large corporations.
The acquisition makes it the biggest startup acquisition in Nigeria as well Stripes biggest acquisition to date.
Valued at $36 Billion, Stripe is actively expanding its global presence through acquiring smaller companies in different regions. In the last 2 years, stripe has expanded its operations t...
FinTech space is fast growing in Africa. The continent has recorded massive growth in the last decade. Currently Africa has more than 400 FinTech companies and startups of which more than 80% of them are home-grown. The industry is largely dominated by payment, lending, insurance and investments focused solutions.
The growth is attributed to mobile access and penetration in the continent and lack of financial inclusion to traditional banking leaving majority (Approximately 60%) of the African adult population unbanked.
In Kenya, M-Pesa mobile money service provided by Kenya’s biggest telecommunication company Safaricom PLC has been a massive success in providing mobile payment solutions allowing users to pay bills, send money to each ot
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