DNigerian payments startup Paystack has become the latest African tech company to notch a multi-million dollar exit this year.
The startup has been acquired by Stripe, the US payments giant, in a deal that will see both companies continue to operate independently. The acquisition is part of Stripe’s international expansion plans on the back of a $600 million funding round in April. Neither company has disclosed the value of the acquisition but TechCrunch reports the deal is worth over $200 million.
Paystack, an API-based payments service similar to Stripe, allows users to set up online payment gateways to enable their businesses accept credit and debit card payments online from customers. Its acquisition is a hallmark of the startup’s rapid growth since it was first founded in 2015 by Shola Akinlade and Ezra Olubi.
It became the first Nigerian startup ever admitted into Y Combinator, the Silicon Valley incubator that has backed major global startups, including Stripe. Paystack has since garnered over 60,000 users with a client base that includes sma