Paystack, a Nigerian based fintech payments platform, has launched its operations in South Africa. Paystack is a technology company solving payments processing for businesses by getting payments through from anywhere in the world. The fintech has over 60,000 merchants that process payments on the Paystack platform. The company was established in 2016 by Shola Akinlade and Ezra Olubi and the company now processes more than 50% of all fintech payments in Nigeria.
Paystack was acquired by Stripe in 2020 which has an expansion strategy that includes the African continent as Stripe already operates in 31 countries in Europe. Stripe is a technology company that builds economic infrastructure for the internet, valued at $95-billion based on a private equity fund raising round of US$600-million in 2021. Stripe is currently the most valuable private fintech company in the world and it is anticipated that the company will possibly list on a stock exchange in the USA. Participants in the 2021 funding round included Allianz X, Axa, Baillie Gifford, Fidelity, Sequoia Capital and the Ireland National Treasury Management Agency.