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The fast-growing San Francisco-based payment processing company Stripe is buying Nigeria’s Paystack, a leading African fintech firm. According to TechCrunch, the deal is “the biggest startup acquisition to date to come out of Nigeria, as well as Stripe’s biggest acquisition to date anywhere.” Paystack CEO and co-founder Shola Akinlade said in making the announcement: “We’ll be acquired by Stripe to accelerate online commerce across Africa.”

In its announcement, Stripe noted that the two companies have been working together for several years, beginning in 2018 when Stripe led Paystack’s Series A financing round. “Paystack will continue to operate independently, growing their operations in Africa and adding more international payment methods.”

Paystack team.

Stripe will acquire Paystack to accelerate online commerce across Africa

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