Stripe Acquires Paystack to Expand African Payment Infrastructure
Global payment processor Stripe has acquired Paystack, a leading African payment gateway, for over $200 million, marking a major milestone for the continent's tech ecosystem.
Lagos, Nigeria — October 15, 2020 — Global payments leader Stripe has acquired Paystack, a prominent Lagos-based merchant payment gateway, for over $200 million. This acquisition represents a landmark exit for the African technology sector, validating the commercial potential of local developer-centric APIs.
Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack enables businesses in Africa to accept online payments from local and international cards. The company has expanded its services from Nigeria into Ghana, Kenya, and South Africa.
Paystack will continue to operate independently under Stripe's ownership, leveraging their resources to scale products and expand cross-border payment coverage across the continent.
Stripe's acquisition of Paystack set a benchmark valuation for developer-focused APIs in emerging markets. This exit proved that global platforms value local regulatory integrations and developer support. Paystack's focus on merchant onboarding serves as a model for payment gateways targeting long-term transaction volume.
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