Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

Stripe Agrees to Buy Nigeria Startup Paystack for $200 Million

Oct. 15, 2020, 2:57 PM

Stripe Inc. is acquiring Nigerian startup Paystack to jump-start its expansion in Africa.

The U.S. payment-services giant will pay $200 million to acquire the Lagos-based group, according to a person familiar with the terms. Shola Akinlade, Paystack’s co-founder and chief executive officer, confirmed the acquisition in a blog post Thursday, adding that the deal is pending regulatory approval.

“Paystack will continue to operate independently, and there will be no disruption of service as a result of this acquisition,” Akinlade said. Merchants and partners can “look forward to more payment channels, more tools, accelerated geographic expansion, and deeper integrations ...