Stripe Buys Nigerian Startup Paystack for Over $200M
Stripe acquires Nigerian payment gateway Paystack for over $200 million to accelerate its expansion across the African continent.
Stripe acquires Nigerian payments startup Paystack for over $200 million to expand its API-based services into the African continent. Paystack, often called the Stripe of Africa, serves around 60,000 customers ranging from small businesses to large corporations. The Nigerian startup continues to operate independently following this landmark purchase.
This acquisition marks a significant shift in strategy for Stripe, as the company typically buys smaller businesses to enhance its technology stack rather than to grow its global footprint. The deal stands as both the largest startup acquisition in Nigerian history and the largest acquisition Stripe has ever made. Sources confirm the massive price tag exceeds $200 million.
Stripe co-founder and CEO Patrick Collison emphasizes that online commerce in Africa grows approximately 30 percent every year, making the continent a key area for future growth. By bringing Paystack into its portfolio, Stripe makes a long-term bet on emerging African markets. The payment giant plans for this integration to drive its geographic expansion well into the future.