Paystack launched in South Africa after Stripe acquisition

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Nigerian fintech startup Paystack has been relatively quiet since it was bought by fintech giant Stripe last October. The deal, worth more than $200 million, caused shockwaves to the African tech ecosystem and offered some form of validation to work done by founders, startups and investors alike.

Today, the payments company, which powers businesses with its payment API and is actively present in Nigeria and Ghana, is announcing its official launch in South Africa.

In 2018 when we reported Paystack’s $8 million Series A (which Stripe also led), it was powering 15% of all online payments in Nigeria. The company had more than 10,000 businesses on its platform and expansion to other African countries was one way it planned to use the money. Ghana was its next stop.


Since expanding to Ghana, Paystack has grown and claims to power 50% of all online payments in Nigeria with around 60,000 customers, including small businesses, larger corporates, fintechs, educational institutions and online betting companies. Some of its customers include MTN, SPAR and UPS, and they use the company’s software to collect payments globally.

 
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