Stripe Inc. buys Nigerian startup Paystack to relaunch its expansion on the African continent. She had already allowed Paystack to raise $ 10 million, but this time, she is pulling out all the stops with hundreds of millions of dollars.
The American payment services giant has offered $ 200 million to acquire the Lagos-based group ?????????, according to a source close to the new technology sector.
Shola Akinlade, co-founder and CEO of Paystack, confirmed the acquisition in his blog Thursday, adding that the deal was pending regulatory approvals.
Paystack was only a very small startup a few years ago, but it quickly established itself as one of the most innovative companies in the payment services industry in Nigeria. Taking advantage of the enormous potential of this market of 210 million inhabitants, Paystack has experienced strong growth which makes it a real object of envy.
“Paystack will continue to operate independently, and there will be no service disruption as a result of this acquisition,” said Akinlade. Merchants and partner users of payment services will be entitled to “more payment channels, more tools, accelerated geographic expansion and deeper integrations with global platforms.”
It was Stripe that got Paystack its first funding, which was around $ 10 million. Other investors in the Nigerian startup include Visa Inc, Tencent Holdings Ltd., Y Combinator and Comcast Ventures Catalyst Fund.
In April, US giant Stripe raised $ 600 million from investors including Andreessen Horowitz, General Catalyst and Sequoia Capital. This transaction valued the company at 36 billion dollars.
This makes it one of the most valued startups in the United States, according to specialist firm CB Insights. Stripe experienced a phase of growth during the pandemic and expanded to five new European markets in May, making it one of the top candidates for an IPO.
By Mohamed diallo, Editorial Committee – Morocco
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