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American financial firm, Stripe, acquires Nigeria’s Paystack for $200M+

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LATEST TECH NEWS: Paystack launches support for Nigerian, Ghanaian businesses. 4 other things and a trivia you need to know today, April 23, 2020

Paystack, Nigeria’s popular Fintech firm, has reportedly been acquired by a leading American financial services and software firm as a service company.

The announcement, which was made on Thursday, October 15, did not come as a surprise as hints on possible acquisition had been earlier related among tech industry leaders and analysts.

The new deal, according to reports, was pegged at $200M+, making the deal about the biggest company-to-company acquisition signed in the quarter.

Read also: Google Africa extends support to #EndSARS protests in Nigeria

Operating from Lagos, Paystack, dubbed ‘stripe of Africa’, would now go on to become a subsidiary of the giant Fintech player.

Industry insights revealed that the move was part of Stripe’s existing plans to expand frontiers into the African continent.

Headquartered in San Francisco, California, United States, the company primarily offers payment processing software and application programming interfaces for e-commerce websites and mobile applications.

Today, with an impressive venture traction, only after 5 years of doing business as an entity, Paystack currently has a user base of over 60,000 customers.

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