{"id":19154,"date":"2020-10-15T21:50:06","date_gmt":"2020-10-15T20:50:06","guid":{"rendered":"https:\/\/experts.ng\/blog\/?p=19154"},"modified":"2020-11-03T19:08:27","modified_gmt":"2020-11-03T18:08:27","slug":"stripe-acquires-paystack-for-200-million","status":"publish","type":"post","link":"https:\/\/www.experts.ng\/blog\/stripe-acquires-paystack-for-200-million\/","title":{"rendered":"Stripe Acquires Paystack for $200 million"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">US-based payment heavyweight, <a href=\"https:\/\/stripe.com\/\" target=\"_blank\" rel=\"noopener\">Stripe <\/a>has acquired Nigerian payment startup <a href=\"https:\/\/paystack.com\/\" target=\"_blank\" rel=\"noopener\">Paystack<\/a> for a reported fee of $200 million, reports <a href=\"https:\/\/techcrunch.com\/2020\/10\/15\/stripe-acquires-nigerias-paystack-for-200m-to-expand-into-the-african-continent\/?tpcc=ECTW2020\" target=\"_blank\" rel=\"noopener\">TechCrunch<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The deal is reported to be the highest paid for a Nigerian startup and the highest Stripe has spent on acquiring a startup anywhere in the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Paystack has always pride itself as <em>the Stripe for Africa<\/em> making this development an anticipated one for many.<\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">In the midst of a tough week in Nigeria, we have some positive news to share.<br><br>Paystack will be acquired by <a href=\"https:\/\/twitter.com\/stripe?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@stripe<\/a> to accelerate online and offline commerce across Africa.<a href=\"https:\/\/t.co\/7ZAA8vhdIz\">https:\/\/t.co\/7ZAA8vhdIz<\/a> <a href=\"https:\/\/t.co\/kShKF5evBK\">pic.twitter.com\/kShKF5evBK<\/a><\/p>&mdash; Paystack (@paystack) <a href=\"https:\/\/twitter.com\/paystack\/status\/1316734390551093251?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The fintech startup currently has over 60,000 customers from across Africa. The customers include small businesses, fintech companies, educational institutions, betting companies, larger corporations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The acquisition notwithstanding, Paystack will continue to exist independently and retain its name.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In an interview with TechCrunch, Paystack CEO, Shola Akinlade said the deal will give the startup the needed resources to further build for Nigerians and expand to more markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He revealed that there was no plan of selling the company when Stripe approached. He said he and his partner, however, chose to sell because they were convinced that Stripe will help them get to their mission faster &#8211; which is to accelerate payments in Africa.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-about-paystack\"><strong>About Paystack<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Paystack was founded in 2015 by Ezra Olubi (CTO) and Shola Akinlade (CEO) with the aim of solving a major challenge of online payments in Nigeria.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a short while, they were able to connect to multi-channel options with financial merchants in Nigeria, making it possible for them to receive payments from different parts of the world through debit and credit cards, bank transfers and web transactions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With all these achievements within a year, they were able to get into Y Combinator, the US-based seed-stage accelerator where they got $120,000,000 worth of funds and access to investors from different parts of the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They\u2019ve continued to sour higher ever since, receiving more funds from other investors including Comcast, Tencent, Ventures, Singularity Investments, Justin Kan, Michael Seibel, Spark.ng among others.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Paystack attained a new height in 2018 when they raised $8 million in Series A funding which was led by\u2026 Stripe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, the same Stripe acquires Paystack for $200 million (about N80 billion) and the world is watching to see where that would lead the Nigerian fintech company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nigerians-celebrate-paystack-amidst-nationwide-endsars-protest\">Nigerians Celebrate Paystack amidst Nationwide #EndSars Protest<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Amidst the ongoing nationwide #EndSars protest to end Police brutality and impunity, Nigerians spared some time to congratulate Paystack and its founders on the acquisition.<\/p>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Selling $200m companies with our dreadlocks and tattoos. ?? Super, super proud of everyone <a href=\"https:\/\/twitter.com\/paystack?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@paystack<\/a> !<\/p>&mdash; AA (@Adxpillar) <a href=\"https:\/\/twitter.com\/Adxpillar\/status\/1316736898333904897?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Forte Oil <br>Age: 20 years+, Acq value: $269m<br><br>Paystack <br>5 years, Acq value: $200m <br><br>Clearly we can see where the future is shifting to.<\/p>&mdash; Igwe (@Thesasquatch_) <a href=\"https:\/\/twitter.com\/Thesasquatch_\/status\/1316742244557352961?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Young Nigerian youths with no govt patronage started a company from ground zero into a $200m company that put Nigeria on the world map-in a few years. All they needed were laptops. Laptops that SARS shoots them for. Paystack did what our Ministers need 20bn budget to do. <a href=\"https:\/\/twitter.com\/hashtag\/EndSWAT?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#EndSWAT<\/a><\/p>&mdash; Ay\u00f2-B\u00e1nk\u00f3l\u00e9 Ak\u00ednt\u00fajoy\u00e8 (@AyoBankole) <a href=\"https:\/\/twitter.com\/AyoBankole\/status\/1316731780444098561?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Nigerian online payment company Paystack have been acquired by Stripe, an American company, for a reported $200m [about N80bn], but one of the founder has dreadlocks, in his 30s, and will be treated as a suspect by the Nigerian police if he drives a car worth N7 million. <a href=\"https:\/\/twitter.com\/hashtag\/EndSARS?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#EndSARS<\/a><\/p>&mdash; Deji Faremi #EndSARS #SARSMUSTEND (@deejayfaremi) <a href=\"https:\/\/twitter.com\/deejayfaremi\/status\/1316733256050642944?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Congrats to the Paystack guys . Young Nigerians who decided to use their talent &amp; education for innovation . Imagine if one of these SARS guys had harassed , arrested and executed them before they could accomplish this ? The government cannot continue to allow these atrocities !<\/p>&mdash; Gbemi O-O (@GbemiOO) <a href=\"https:\/\/twitter.com\/GbemiOO\/status\/1316734442375983115?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Dear <a href=\"https:\/\/twitter.com\/paystack?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@paystack<\/a>, thanks for ringing this bell loud. <br><br>Young people from <a href=\"https:\/\/twitter.com\/hashtag\/Nigeria?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Nigeria<\/a> are not criminals.<br>Young people from Nigeria are productive.<br>Young people from Nigeria are innovative.<br><br>All they need is not to be profiled, intimidated or hounded by their own govt. <a href=\"https:\/\/twitter.com\/hashtag\/EndSWAT?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#EndSWAT<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/EndSARS?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#EndSARS<\/a><\/p>&mdash; Chxta (@Chxta) <a href=\"https:\/\/twitter.com\/Chxta\/status\/1316745595403599873?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Taking a breather to acknowledge this amazing news.<br><br>Stripe acquisition of Paystack which is estimated to be around $200m is the biggest startup acquisition to date to come out of Nigeria, as well as Stripe\u2019s biggest acquisition to date anywhere. <br> <a href=\"https:\/\/t.co\/LAPQgkFdFC\">https:\/\/t.co\/LAPQgkFdFC<\/a><\/p>&mdash; Moe (@Mochievous) <a href=\"https:\/\/twitter.com\/Mochievous\/status\/1316734144777420800?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Two young nigerians Shola Akinlade and Ezra Olubi, set out 5years ago to build a tech platform called Paystack.<br><br>It was built right here in Nigeria despite all the difficulties and madness that hinders young people.<br><br>Today they sold it for $200 million.<br>God bless them. <a href=\"https:\/\/twitter.com\/hashtag\/EndSWAT?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#EndSWAT<\/a><\/p>&mdash; #OurFavEndSARSDoc ????? (@DrOlufunmilayo) <a href=\"https:\/\/twitter.com\/DrOlufunmilayo\/status\/1316783155261644800?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 15, 2020<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>US-based payment heavyweight, Stripe has acquired Nigerian payment startup Paystack for a reported fee of $200 million, reports TechCrunch. The deal is reported to be the highest paid for a Nigerian startup and the highest Stripe has spent on acquiring a startup anywhere in the world. Paystack has always pride itself as the Stripe for [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":19167,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_3899566575_3899566575":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","sfsi_plus_gutenberg_text_before_share":"","sfsi_plus_gutenberg_show_text_before_share":"","sfsi_plus_gutenberg_icon_type":"","sfsi_plus_gutenberg_icon_alignemt":"","sfsi_plus_gutenburg_max_per_row":"","tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[822],"tags":[],"class_list":["post-19154","post","type-post","status-publish","format-standard","has-post-thumbnail","category-startup"],"_links":{"self":[{"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/posts\/19154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/comments?post=19154"}],"version-history":[{"count":0,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/posts\/19154\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/media\/19167"}],"wp:attachment":[{"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/media?parent=19154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/categories?post=19154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.experts.ng\/blog\/wp-json\/wp\/v2\/tags?post=19154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}