Stripe Acquires Nigeria’s Paystack For $200M+ To Expand Into The African Continent
On Thursday October 15, 2020, America’s greatest financial services and payment processor company, Stripe announced its acquisition of Nigeria’s online payment processor startup and technological company.
Paystack is set to stretch its territories into the fastest-growing online business sector in the African continent and especially Nigeria.
Reliable media sources have disclosed that Paystack was acquired worth $200 million to help increase the Gross Domestic Product(GDP) of online shopping in Africa.
A statement posted on the American software company’s website asserted that, Africa’s online economy is expanding rapidly which happens to grow past the global average at 75 per cent.
Hence, in order to contribute to the online GDP of the African continent, was its decision to sign a contract with the Lagos based technological company, Paystack which makes it simpler for institutions of various types being it small scale or large scale to make transactions from all over the world.
According to the statement release, more than 60,000 companies in Nigeria and Ghana work with Paystack remarkably through their secured online payment system and their great customer relationships.
The Nigerian company, according to stripe has a lot of potential because it has got plans of expanding its branches around Africa which has already began a survey with businesses in South Africa.
The company already has majority of the Nigerian businesses using their online payment processes for effective transactions.
The two companies have been working hand in hand closely for some time now. Stripe has however played a pivotal role in Paystack’s rapid growth.
Stripe’s, Patrick Collison, the co-founder and CEO of stripe added that in total, the African continent may be noted as smaller at the moment but its online market will grow in approximately 30 per cent annually.
And even with huge global downturns, online customers are growing twice as fast. Furthermore, he stated that stripe focuses more on a long-term goal than other companies because it is an infrastructure company.
The company is looking at the how the world will become in the next 20–30years… https://bit.ly/3k2Hl4q
Originally published at https://africancelebs.com on October 15, 2020.