American financial services and software company, Stripe, has acquired Nigerian payment processing company Paystack for $200 million. This acquisition heralds the company's entrance into Africa.
Stripe led a number of other companies, including Visa and Tencent in an $8 million in a series A funding in 2018, bringing Paystack’s total investment to date to more than $10 million before this acquisition.

According to reports, terms of the deal are not being disclosed but sources close to it confirm that it’s over $200 million.

Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack currently has around 60,000 customers. Paystack helps businesses in Africa get paid by anyone, anywhere in the world.

Shola Akinlade alluded to the fact that Paystack was not for sale when Stripe approached them. “For us, it’s about the mission. I’m driven by the mission to accelerate payments on the continent, and I am convinced that Stripe will help us get there faster. It is a very natural move.”

However one can say that this is a major for Paystack as "the deal will give the company a lot more fuel (that is, investment) to build out further in Nigeria and expand to other markets, CEO Shola Akinlade said in an interview with Techcrunch.

Stripe was founded in 2010 by Irish entrepreneur brothers John and Patrick Collison. In May 2020, Stripe expanded its services in 5 new markets in Europe: the Czech Republic, Romania, Bulgaria, Cyprus, and Malta

Patrick Collison said that while acquiring Paystack after investing in it was a big move for the company, people also shouldn’t read too much into it in terms of Stripe’s bigger acquisition policy.

“When we invest in startups we’re not trying to tie them up with complicated strategic investments,” Collison said. “We try to understand the broader ecosystem, and keep our eyes pointed outwards and see where we can help.”

Source: [url]https://innovation-village.com/stripe-acquires-paystack-for-200m-to-expand-into-africa/
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