Stripe, is acquiring Paystack, a technology company based in Lagos for $200m.
This alliance will allow the two companies to accelerate online and offline commerce across Africa, Paystack’s Co-founder and Chief Executive Officer, Shola Akinlade, said in a blog post yesterday.
The acquisition would allow organisations of all sizes to easily collect payments from around the world, the statement said.
According to the company, the acquisition is subject to regulatory approvals in a statement entitled ‘Stripe will acquire Paystack to accelerate online commerce across Africa’.
The statement described Stripe as a technology company that builds economic infrastructure for the Internet.
Paystack currently processes more than half of all online transactions in Nigeria and has ambitious plans to expand across the continent and recently started a pilot with businesses in South Africa.
However, Matt Henderson said, In just five years, Paystack has done what many companies could not achieve in decades. Their tech-first approach, values, and ambition greatly align with theirs,” Stripe’s business lead in EMEA.
He added that, the acquisition will give Paystack resources to develop new products, support more businesses and consolidate the hyper-fragmented African payments market.