Paystack

Last updated
Paystack
IndustryFintech
Founded2015
Founder Shola Akinlade, Ezra Olubi
HeadquartersLagos, Nigeria
Parent Stripe
Website Paystack.com

Paystack is a Nigerian financial technology company that offers payment processing services to businesses and was acquired by Irish-American financial services company Stripe for $200M in 2020. [1] [2] Its headquarters is located in Lagos, Nigeria. [3]

Contents

History

Paystack was founded in 2015 by Shola Akinlade and Ezra Olubi, who met at Babcock University and worked in banking and IT before founding Paystack. [3] [4] In November 2015, it was accepted by the startup accelerator Y Combinator. [5] The public launch of Paystack was in 2016, as the product came out of beta. and Paystack Starter Businesses was launched in early 2018. [6] [7]

Funding

In 2016, it raised $1.3M seed funding from Tencent and other investors. [8] In 2018, it raised $8M in a Series A funding led by Irish-American financial services company Stripe. [9] It was acquired in 2020 by Stripe for $200M in a bid to extend Stripe's reach in Africa. Before the acquisition, Paystack was reported to have been used by over 60,000 businesses in Nigeria and Ghana for the collection of online and offline payments. [1]

Partnerships

See also

Related Research Articles

eWay Payment provider

Eway is a global omnichannel payment provider. The company processes secure credit card payments for merchants. Eway works through eCommerce.

Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. Shopify is the name of its proprietary e-commerce platform for online stores and retail POS (point-of-sale) systems. The platform offers retailers a suite of services, including payments, marketing, shipping and customer engagement tools.

<span class="mw-page-title-main">Stripe, Inc.</span> Irish-American multinational financial services and SaaS company

Stripe, Inc. is an Irish-American multinational financial services and software as a service (SaaS) company dual-headquartered in South San Francisco, California, United States, and Dublin, Ireland. The company primarily offers payment-processing software and application programming interfaces for e-commerce websites and mobile applications.

Jumia is a marketplace, logistics service and payment service, operating throughout Africa. The logistics service enables the delivery of packages through local partners while the payment services facilitate the payments of online transactions. It has partnered with more than 100,000 sellers and individuals.

Nium is a Singapore-headquartered cross-border payments company. Initially founded by Prajit Nanu and Michael Bermingham, and launched as a consumer-remittance platform Instarem in 2014. In 2016, the company introduced its B2B payments platform and rebranded as Nium in 2019, subsequently elevating Pratik Gandhi to co-founder in 2021. However, Gandhi left Nium in October 2023, around the time Nium's Chief Product Officer also left the company and Nium announced a layoff of over 10% of its global staff.

Flutterwave is an American fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent.

Shola Akinlade is a Nigerian software engineer and entrepreneur. He is the co-founder and CEO of Paystack, the company that he founded with Ezra Olubi. Paystack was acquired by Stripe in 2020 for $200m.

<span class="mw-page-title-main">Deel (company)</span> Private San Francisco-based payroll and compliance provider

Deel is an Israeli-American payroll and outsourcing company based in San Francisco, California. The company provides hiring, payments, and outsourcing services for companies hiring international employees and contractors.

<span class="mw-page-title-main">Sporting Lagos F.C.</span> Football club

Sporting Lagos Football Club is a professional football club from Lagos, Nigeria founded in 2022. The club currently competes in the Nigeria National League. the second tier of Nigeria's football league system, following relegation from the 2023–24 Nigeria Premier League. Nicknamed "The Tech Boys", Sporting Lagos played their home games at Mobolaji Johnson Arena also known as Onika Stadium.

<span class="mw-page-title-main">Kora (Fintech company)</span>

Kora is a pan-African payment infrastructure company headquartered in Canada with offices in Nigeria and the United Kingdom. The fintech company enables local and global businesses to accept payins, make payouts, and get settled across popular payment channels across Africa.

Stitch is a fintech company operating in Africa providing open banking and payment products. The company's headquarters are located in Cape Town, South Africa.

Moniepoint is a Nigerian fintech company based in Lagos that provides banking services and loans via an online banking app. The company was founded by Tosin Eniolorunda and Felix Ike in 2015. In November 2024, Bayo Olujobi was appointed its Chief Financial Officer (CFO) to aid the bank's vision to improve financial inclusion in Africa.

Kobo360 is an African tech-enabled digital logistics platform, headquartered in Lagos and connects cargo owners to truck owners, with a physical presence in 6 African countries, including Nigeria, Ghana, Kenya, Burkina Faso, and Ivory Coast.

GoCardless is a fintech company that specialises in bank payments including recurring payments, Direct Debit processing and Open Banking. GoCardless is headquartered in London.

Ingressive for Good also known as I4G is an African non-profit organization that focuses on poverty alleviation by providing educational and technological resources to young Africans.

Felix Manford is a Ghanaian business executive. He is the co-founder and CEO of Tendo, a Ghanaian e-commerce company founded in 2021, operates in Africa with a strong base in Ghana and Nigeria. Prior to this, Felix had served at Goldman Sachs UK working in the Global Investment Research division in UK, in 2018.

Ziina is a company based in Dubai, United Arab Emirates that specialises in digital payments. Its digital wallet is currently used in the United Arab Emirates.

<span class="mw-page-title-main">Grey (company)</span> American financial technology company

Grey, formerly known as Aboki Africa, is a financial technology company headquartered in Delaware, US. Founded in 2020 by Idorenyin Obong and Femi Aghedo during the global pandemic of 2020, the company focuses on creating global financial products for digital nomads. Grey is registered and licensed in Canada by FinTrac and the USA by FinCen and operates in the financial service market. The business model of Grey revolves around offering an online platform that facilitates international transactions and currency exchange for users in countries across Africa, the United States, Europe, and now Latin America and South East Asia

Olumide Soyombo is a Nigerian entrepreneur and venture capitalist. He is the co-founder of Bluechip Technologies, and the founder of Voltron Capital.

Nama Ventures is a Saudi-based venture capital fund which focuses on investing in early-stage technology startups within the MENA region.

References

  1. 1 2 Lunden, Ingrid (2020-10-15). "Stripe acquires Nigeria's Paystack for $200M+ to expand into the African continent". TechCrunch. Retrieved 2022-10-04.
  2. ↑ Phan, Trung T. (2020-10-16). "The 'Stripe of Africa' just got acquired by Stripe for $200m+". The Hustle. Retrieved 2022-10-04.
  3. 1 2 "Paystack Company Profile: Acquisition & Investors | PitchBook". pitchbook.com. Retrieved 2022-10-04.
  4. ↑ "Sim Shagaya profiles Ezra Olubi and Shola Akinlade; King of Payments and Purveyors of Hope | #YNaijaPOTY2020 Nominee". YNaija. 2020-12-23. Retrieved 2022-10-04.
  5. ↑ "Paystack's Y Combinator Application – AfricaIEG.com" . Retrieved 2022-10-04.
  6. ↑ Madegwa, Clinton (2023-09-01). "Paystack is Now Live In Kenya: Here's What That Means". Dignited. Retrieved 2023-09-01.
  7. ↑ Kene-Okafor, Tage (2021-05-06). "Paystack expands to South Africa seven months after Stripe acquisition". TechCrunch. Retrieved 2022-10-04.
  8. ↑ Nsehe, Mfonobong. "Nigerian Fintech Startup Paystack Raises $1.3 Million". Forbes. Retrieved 2022-10-04.
  9. ↑ "Nigerian payments startup Paystack raises $8m in Series A round led by Stripe". Ventureburn. 2018-08-29. Retrieved 2022-10-04.
  10. ↑ Jackson, Tom (2016-11-15). "Nigeria's Paystack launches solution for Shopify merchants". Disrupt Africa. Retrieved 2022-10-04.
  11. ↑ "WooCommerce selects fintech startup Paystack as its payments partner | CEO Business Africa". 2021-06-28. Retrieved 2022-10-04.
  12. ↑ Kene-Okafor, Tage (2021-09-23). "Nigerian businesses can now accept Apple Pay on Paystack". TechCrunch. Retrieved 2022-10-04.
  13. ↑ "Paystack Partners with Xero; Integrates features into its platform. | Radarr Africa". 2022-05-25. Retrieved 2022-10-04.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.