This acquisition is expected to increase Africa’s online GDP
Stripe has entered into an agreement to acquire a Lagos-based Paystack. The company makes it easy for organizations of all sizes to collect payments from around the world.
According to the report, Paystack will continue to operate independently, growing its operations in Africa. It also aims to add more cross-border payment methods.
Stripe and Paystack have been working closely together for some time. In 2018, Stripe led Paystack’s Series A financing round and has provided ongoing guidance as the company rapidly scaled.
Over time, Paystack’s capabilities will be embedded in Stripe’s Global Payments and Treasury Network. That’s a programmable platform for the global money movement that currently spans 42 countries.
The acquisition is subject to standard closing conditions, including regulatory approvals.
We’ve reported that Stripe has expanded its payment services in Europe. It is now generally available in the Czech Republic, Romania, Bulgaria, Cyprus, and Malta.