Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Silicon Valley payments firm Stripe buys Nigerian startup Paystack

Published 15/10/2020, 15:42
© Reuters.

LAGOS, Oct 15 (Reuters) - U.S. payments company Stripe has
bought Nigerian fintech startup Paystack to expand into the
fast-growing online market in Africa, the companies said on
Thursday.
The acquisition, which media reports said was worth some
$200 million, reflects the growing online commerce market in
Nigeria and across sub-Saharan Africa.
"The African internet economy is expanding quickly, with
online commerce in the region growing 21% year-over-year, 75%
faster than the global average," Stripe said in a statement. "In
order to help increase Africa's online GDP, Stripe has entered
into an agreement to acquire Paystack."
The Silicon Valley firm is unlisted but valued at $36
billion, according to investor website PitchBook.
Paystack, which also provides payments systems, works with
more than 60,000 businesses including FedEx FDX.N , UPS UPS.N
and MTN MTNJ.J and processes hundreds of millions of dollars
each month.
Paystack will continue to operate independently and Stripe
will over time embed it into its global payments and treasury
network, a programmable platform for global money movement that
currently spans 42 countries, Stripe said.
Paystack was set up in 2016 by two Nigerian computer science
graduates, Shola Akinlade and Ezra Olubi, who received early
stage funding in Silicon Valley's Y-Combinator programme.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.