Stripe, an American company, is acquiring Paystack, a technology company based in Lagos for $200m.
Shola Akinlade, Chief Executive Officer of Paystack, said the alliance will enable the two companies accelerate online and offline commerce across Africa.
According to the company, the acquisition is subject to regulatory approvals in a statement entitled ‘Stripe will acquire Paystack to accelerate online commerce across Africa’.
The statement described Stripe as a technology company that builds economic infrastructure for the Internet.
Paystack currently processes more than half of all online transactions in Nigeria and has ambitious plans to expand across the continent and recently started a pilot with businesses in South Africa.
Over time, Paystack said it’s capabilities would be embedded in Stripe’s Global Payments and Treasury Network, a programmable platform for global money movement that currently spans 42 countries.
Akinlade said the company would leverage Stripe’s resources and deep expertise to accelerate its expansion and introduce more payment channels, more value-added services, and deeper integrations with global platforms.