The African internet economy is growing quickly, with the volume of online commerce in the region increasing 21% year-over-year, 75% faster than the global average. While Africa represents 17% of the world’s population today, it represents only 2% of its online commerce. In order to help grow Africa’s online GDP, Stripe has entered into an agreement to acquire Paystack, a technology company based in Lagos that makes it easy for organizations of all sizes to collect payments from around the world.
Today, more than 60,000 businesses of all sizes in Nigeria and Ghana use Paystack to securely collect online and offline payments, launch new business models and deepen customer relationships. Incredibly, Paystack already processes more than half of all online transactions in Nigeria and has ambitious plans to expand to more countries in the region. Just last week, they started a pilot with businesses in South Africa.
Stripe and Paystack have been working closely together for some time. In 2018, Stripe led Paystack’s Series A funding round and has provided ongoing guidance as the company rapidly scaled.
“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 our own. This acquisition will give Paystack resources to develop new products, support more businesses and consolidate the hyper-fragmented African payments market,” said Matt Henderson, Stripe’s business lead in EMEA. “We simply can’t wait to see what they will build next and how their growth can turbocharge the African tech ecosystem.”
Paystack will continue to operate independently, growing their operations in Africa and adding more international payment methods. Over time, Paystack will contribute to expanding Stripe’s Global Payments and Treasury Network (GPTN), a programmable infrastructure for global money movement that spans 42 countries.
“Paystack is a growth engine for modern businesses in Africa, and we couldn’t be more excited to join forces with Stripe, whose mission and values are so aligned with ours, to nurture transformative businesses on the continent,” said Shola Akinlade, CEO and co-founder of Paystack. “We believe deeply that with the right tools, African creators, developers, and entrepreneurs can do incredible things. Leveraging Stripe’s resources and deep expertise, we’re excited to accelerate our geographic expansion and introduce more payment channels, more value-added services, and deeper integrations with global platforms.”
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