Paystack has around 60,000 business customers in Nigeria and Ghana. The company allows clients to collect online and offline payments. The start-up claims to process more than half of all online transactions in Nigeria. Stripe led Paystack’s Series A funding round in 2018. The US firm says it has provided “ongoing guidance” since. Paystack will continue to operate independently, growing operations in Africa and adding more international payment methods. Eventually the firm’s capabilities will be embedded in Stripe’s Global Payments and Treasury Network (GPTN).
Right tools, African creators, developers, and entrepreneurs can do incredible things. Geographic expansion and introduce more payment channels, more value-added services, and deeper integrations with global platforms is a statement issued by Stripe. Paystack has done in five years what many companies could not achieve in decades. The acquisition will give Paystack resources to develop new products, support more businesses and consolidate the hyper-fragmented African payments market.