This comes as incredibly good news for eCommerce in Nigeria as the alliance could potentially help facilitate cross-border payment and empower businesses, online sellers and freelancers to pay and get paid globally as easily as they do locally.
In its bid to continue expanding throughout Africa, Stripe has completed the acquisition of Lagos-based payments firm, Paystack in a deal reported to be worth over $200 million.
This alliance will allow the two companies to accelerate online and offline commerce across Africa, Paystack’s Co-founder and Chief Executive Officer, Shola Akinlade, in a blog post on Thursday.
Paystack makes it easier for organizations of all sizes to receive payments from anywhere in the world. Over 60,000 Nigerian and Ghanaian businesses have used Paystack to secure online and offline payments, launch new business models and strengthen customer relationships. Paystack recently also started a pilot with businesses in South Africa.
The deal will give the company a lot more fuel in investment to build out further in Nigeria and expand to other markets, while it continues to operate independently.
“Paystack is a growth engine for modern businesses in Africa, and we couldn’t be more excited to join forces with Stripe, whose mission and values are so aligned with ours, to nurture transformative businesses on the continent,” said Akinlade.
“We believe deeply that with the right tools, African creators, developers, and entrepreneurs can do incredible things. Leveraging Stripe’s resources and deep expertise, we’re excited to accelerate our geographic expansion and introduce more payment channels, more value-added services, and deeper integrations with global platforms.”
Stripe, on the other hand, is a Silicon Valley based technology company that builds economic infrastructure for the internet, with a clientelle that boasts the likes of Amazon, Google, Shopify, Medium and Zoom who all use Stripe’s software to accept payments and move their online businesses forward.
Photo Credit: PayStack