Global financial services and software-as-a-service (SaaS) provider Stripe has announced the acquisition of Nigerian online payments processing company Paystack to help accelerate e-commerce across Africa. The deal is subject to standard closing conditions, including regulatory approval.
Paystack is used by more than 60,000 businesses in Nigeria and Ghana to collect online and offline payments, with Paystack processing over half of all online transactions in Nigeria. Paystack plans to expand across the African continent and has recently launched a pilot with businesses in South Africa.
Stripe led Paystack's Series A funding round in 2018 and has provided the company with guidance as it expanded. The takeover will provide Paystack with the resources to support more businesses, develop new products and consolidate the fragmented African payments market. Paystack capabilities will eventually be integrated with Stripe's Global Payments and Treasury Network (GPTN).
