Paystack, the Nigerian owned online payment processing startup has been bought by Stripe for over $200 million.
The company which was co-founded in 2015 by Nigerian software developers, Shola Akindale and Ezra Olubi in Lagos, provides an easy paying platform for businesses to receive credit and debit card payments from online customers with APIs for identity verification, automating bank transfers and checking account balances amongst others.
Over the years, Paystack has gained over 60,000 customers in Nigeria and Ghana including large corporate companies, educational institutions, businesses and online betting companies. The company raised $1.8 million dollar of seed funding from Tencent, Comcast Ventures and a list of other companies in 2016 and later raised $8 million in series A funding led by Stripe,Y combinator and Tencent.
Stripe, the American fintech company, earlier this year announced their intent to expand its API-based payment services into more regions including Africa and in line with that, it went ahead to acquire Paystack on Thursday, the 15th of October, making this the biggest startup acquisition from Nigeria as well as the biggest for Stripe itself.