Jump to content

Paystack: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
+ 4 categories using HotCat
Add Stripe as parent, remove some advertisement-like language.
Line 15: Line 15:
| hq_location = Lagos, Nigeria
| hq_location = Lagos, Nigeria
| website = {{url|paystack.com}}
| website = {{url|paystack.com}}
| parent = [[Stripe (company)|Stripe]]
}}
}}
'''Paystack''' is a Nigerian online payments processing startup. Co-founded in 2015 by Nigerian software developers and longtime friends, Shola Akinlade and Ezra Olubi, Paystack is headquartered in [[Lagos]], Nigeria.
'''Paystack''' is a Nigerian online payments processing startup. Co-founded in 2015 by Nigerian software developers and longtime friends, Shola Akinlade and Ezra Olubi, Paystack is headquartered in [[Lagos]], Nigeria.
== Growth ==
== Growth ==
⚫
Within the first year of its establishment, Paystack got into the US-based seed-stage accelerator, [[Y Combinator]] where it received $120,000 in funding and access to global investors. Also in 2016, Paystack raised a seed funding of $1.3 million from [[Tencent]], [[Comcast]] Ventures, Singularity Investments, Michael Seibel, Justin Kan, [[Jason Njoku]]’s SPARK.ng, Olumide Soyombo among other investors.<ref>{{Cite web|last=Kene-Okafor|first=Tage|date=2020-10-15|title=Paystack has been acquired by Stripe in a deal rumoured to be around $200m|url=https://techpoint.africa/2020/10/15/paystack-acquired-by-stripe/|access-date=2020-10-15|website=Techpoint Africa|language=en-US}}</ref>


⚫
In 2016, Paystack participated in [[Y Combinator]], a US-based seed-stage accelerator. Later that year, the company raised $1.3 million dollars of seed funding from [[Tencent]], [[Comcast]] Ventures, Singularity Investments, Michael Seibel, Justin Kan, [[Jason Njoku]]’s SPARK.ng, Olumide Soyombo among other investors.<ref>{{Cite web|last=Kene-Okafor|first=Tage|date=2020-10-15|title=Paystack has been acquired by Stripe in a deal rumoured to be around $200m|url=https://techpoint.africa/2020/10/15/paystack-acquired-by-stripe/|access-date=2020-10-15|website=Techpoint Africa|language=en-US}}</ref>
⚫
In 2018, Paystack raised $8 million in Series A funding led by US payment giant, [[Stripe (company)|Stripe]]; US-based accelerator, Y Combinator; and Tencent.


⚫
In 2018, Paystack raised $8 million in Series A funding led by US payment giant, [[Stripe (company)|Stripe]], Y Combinator, and Tencent.
⚫
On October 15, 2020, Stripe acquired Paystack in a deal reported to be worth over $200 million in a bid to extend its services into Africa.<ref>{{Cite web|title=Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent|url=https://social.techcrunch.com/2020/10/15/stripe-acquires-nigerias-paystack-for-200m-to-expand-into-the-african-continent/|access-date=2020-10-15|website=TechCrunch|language=en-US}}</ref><ref>{{Cite web|last=Taylor|first=Charlie|title=Stripe acquires Nigerian start-up Paystack for more than $200m|url=https://www.irishtimes.com/business/technology/stripe-acquires-nigerian-start-up-paystack-for-more-than-200m-1.4381877|access-date=2020-10-15|website=The Irish Times|language=en}}</ref> This fulfills the co-founders' long-held vision of building the fintech company into the "Stripe of Africa"<ref>{{Cite web|title=Paystack, with ambitions to become the Stripe of Africa, raises $8M from Visa, Tencent… and Stripe itself|url=https://social.techcrunch.com/2018/08/28/paystack-with-ambitions-to-become-the-stripe-of-africa-raises-8m-from-visa-tencent-and-stripe-itself/|access-date=2020-10-15|website=TechCrunch|language=en-US}}</ref> Until its acquisition by Stripe, the company is reported to be powering over 60,000 businesses in Nigeria and Ghana, including small businesses, larger corporates, fintechs, educational institutions, and online betting companies, for the collection of online and offline payments.<ref>{{Cite web|title=Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent|url=https://social.techcrunch.com/2020/10/15/stripe-acquires-nigerias-paystack-for-200m-to-expand-into-the-african-continent/|access-date=2020-10-15|website=TechCrunch|language=en-US}}</ref>

⚫
On October 15, 2020, Stripe acquired Paystack in a deal reported to be worth over $200 million, in a bid to extend Stripe's services into Africa.<ref>{{Cite web|title=Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent|url=https://social.techcrunch.com/2020/10/15/stripe-acquires-nigerias-paystack-for-200m-to-expand-into-the-african-continent/|access-date=2020-10-15|website=TechCrunch|language=en-US}}</ref><ref>{{Cite web|last=Taylor|first=Charlie|title=Stripe acquires Nigerian start-up Paystack for more than $200m|url=https://www.irishtimes.com/business/technology/stripe-acquires-nigerian-start-up-paystack-for-more-than-200m-1.4381877|access-date=2020-10-15|website=The Irish Times|language=en}}</ref> This fulfills the co-founders' long-held vision of building the fintech company into the "Stripe of Africa"<ref>{{Cite web|title=Paystack, with ambitions to become the Stripe of Africa, raises $8M from Visa, Tencent… and Stripe itself|url=https://social.techcrunch.com/2018/08/28/paystack-with-ambitions-to-become-the-stripe-of-africa-raises-8m-from-visa-tencent-and-stripe-itself/|access-date=2020-10-15|website=TechCrunch|language=en-US}}</ref> Before its acquisition by Stripe, the company was reported to be powering over 60,000 businesses in Nigeria and Ghana for the collection of online and offline payments.<ref>{{Cite web|title=Stripe acquires Nigeria’s Paystack for $200M+ to expand into the African continent|url=https://social.techcrunch.com/2020/10/15/stripe-acquires-nigerias-paystack-for-200m-to-expand-into-the-african-continent/|access-date=2020-10-15|website=TechCrunch|language=en-US}}</ref>


== References ==
== References ==

Revision as of 23:07, 15 October 2020

Paystack
Company typeOnline payment
IndustryFintech
Founded2015
FounderShola Akinlade, Ezra Olubi
HeadquartersLagos, Nigeria
ParentStripe
Websitepaystack.com

Paystack is a Nigerian online payments processing startup. Co-founded in 2015 by Nigerian software developers and longtime friends, Shola Akinlade and Ezra Olubi, Paystack is headquartered in Lagos, Nigeria.

Growth

In 2016, Paystack participated in Y Combinator, a US-based seed-stage accelerator. Later that year, the company raised $1.3 million dollars of seed funding from Tencent, Comcast Ventures, Singularity Investments, Michael Seibel, Justin Kan, Jason Njoku’s SPARK.ng, Olumide Soyombo among other investors.[1]

In 2018, Paystack raised $8 million in Series A funding led by US payment giant, Stripe, Y Combinator, and Tencent.

On October 15, 2020, Stripe acquired Paystack in a deal reported to be worth over $200 million, in a bid to extend Stripe's services into Africa.[2][3] This fulfills the co-founders' long-held vision of building the fintech company into the "Stripe of Africa"[4] Before its acquisition by Stripe, the company was reported to be powering over 60,000 businesses in Nigeria and Ghana for the collection of online and offline payments.[5]

References

  1. ^ Kene-Okafor, Tage (2020-10-15). "Paystack has been acquired by Stripe in a deal rumoured to be around $200m". Techpoint Africa. Retrieved 2020-10-15.
  2. ^ "Stripe acquires Nigeria's Paystack for $200M+ to expand into the African continent". TechCrunch. Retrieved 2020-10-15.
  3. ^ Taylor, Charlie. "Stripe acquires Nigerian start-up Paystack for more than $200m". The Irish Times. Retrieved 2020-10-15.
  4. ^ "Paystack, with ambitions to become the Stripe of Africa, raises $8M from Visa, Tencent… and Stripe itself". TechCrunch. Retrieved 2020-10-15.
  5. ^ "Stripe acquires Nigeria's Paystack for $200M+ to expand into the African continent". TechCrunch. Retrieved 2020-10-15.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Paystack&oldid=983735277"