A Nigerian payments’ start-up company, Paystack, has been acquired by Stripe for a sum said to be in the region of $200million. The acquisition is Stripe’s biggest acquisition to date, according to the Irish Times. Stripe was founded by Limerick-born brothers, Patrick and John Collison about 10 years ago and led an $8 million Series A founding round for Paystack two years ago. According to the newspaper, the details relating to the deal have not been disclosed “although Tech- Crunch valued the acquisition at over $200 million (€171 million).”
Paystack was founded by Shola Akinlade and Ezra Olubi in Lagos in January 2016, and has developed technology that lets businesses accept payments via credit card, debit card, money transfer and mobile money on their websites or mobile apps. The company employs more than 100 people.
“Through Paystack’s’s payments interface, customers can pay with local and international cards, or directly from their bank accounts. Paystack also supports localised payment channels, including mobile money, QR code and USSD payments. Every payment is screened by fraud-monitoring systems to protect merchants from chargebacks, and Paystack’s direct bank integrations ensure high transaction success rates.”
Paystack’s suite, which includes collections, disbursements, identity verification, reporting and commerce tools, is used by 60,000 businesses across Nigeria and Ghana. The company, which processes more than half of all online transactions in Nigeria, has also just started a pilot in South Africa and is eyeing a move into other countries.