US-based global payment company Stripe has on Thursday acquired Nigerian payment company Paystack in a deal reportedly worth around $200 million.
The deal seals about two years of co-existing as partners by the two companies. Stripe had led Paystack’s Series A financing round and provided guidance as the company scaled to new markets.
Paystack, a startup out of Lagos, Nigeria, like Stripe, provides a quick way to integrate payments services into an online or offline transaction by way of an API. (We and others have referred to it in the past as “the Stripe of Africa.”)
TechCrunch is reporting that the terms of the deal are not being disclosed “but sources close to it confirm that it’s over $200 million. That makes this the biggest startup acquisition to date to come out of Nigeria, as well as Stripe’s biggest acquisition to date anywhere”.
Paystack currently has around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions, and online betting companies, and the plan will be for it to continue operating independently, the companies said.
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