Paystack: The Nigerian Fintech Accelerating Digital Commerce

Paystack is a financial technology company that provides seamless and secure payment solutions for businesses in Nigeria and across Africa. Founded in 2015, Paystack aims to simplify and improve online and mobile transactions for merchants and consumers. Paystack was acquired by Stripe in 2020 for $200 million.

Headquarters: Lagos, Nigeria

Founders: Shola Akinlade and Ezra Olubi

Industry: Fintech, Financial Services, Payments

What They Offer

1. Payment Gateway: Paystack offers a payment gateway that supports multiple payment methods, from debit and credit cards to mobile money and bank transfers.
2. Paystack Commerce: A suite of tools designed to help businesses manage their online stores, inventory, and customer relationships.
3. Paystack Invoicing: A feature that allows businesses to create and send professional invoices to clients and receive payments through the Paystack platform.
4. Paystack Subscriptions: A service that enables businesses to set up and manage recurring billing and subscription payments.
5. Fraud Detection and Prevention: Paystack provides advanced fraud detection and prevention tools to help businesses minimize the risk of fraudulent transactions.
6. Paystack API: Paystack allows businesses to create custom payment experiences through their API.

Big Wins

In 2016, Paystack became the first Nigerian startup to be accepted into the Y Combinator accelerator program. In 2018, the company raised an $8 million Series A funding round led by Stripe, Visa, and Tencent. Not long after that, in 2020, Paystack was acquired by Stripe for a reported $200 million, in a deal that marked Stripe's expansion into the African market.

Competitors

Flutterwave, Interswitch, Paga, Remita, and other payment service providers in the African market.

Mission

Paystack's mission is to accelerate digital commerce across Africa by providing businesses with the tools and infrastructure they need to interact with an increasingly digital global market. Paystack envisions a future where African businesses can easily access a global audience, enabling economic growth and increased opportunities for entrepreneurs in the region.

News

Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent

Paystack secures PSP license in Kenya

Shola Akinlade: From fintech to football empire

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