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A win for the Nigerian technology industry as Stripe acquires Lagos-based tech company, Paystack. The $200 million acquisition will help Paystack expand further out of Nigeria into other markets in Africa.

For the last 5 years, co-founders of Paystack, Shola Akinlade and Ezra Olubi, have set out to help businesses in Africa become “profitable, envied and loved.” Paystack is a Nigerian start-up that offers secure payment tools to over 60,000 business including, MTN, FedEx, UPS and Lagos Internal Revenue. It provides ways for businesses to accept local and global payments through online and offline transactions through an API (Application Programming Interface).

The co-founders, and others, have commonly referred to Paystack as the “Stripe of Africa”.

Stripe is an American tech company that builds economic infrastructure for the internet. Millions of companies in over 120 countries use Stripe to start, run and scale their businesses. Businesses like Google, Amazon, Uber, Spotify and Microsoft use Stripe. With a commitment to help remove the barriers to e-commerce and grow existing companies, Stripe and Paystack have had a close partnership for several years.

Stripe’s $200 million acquisition of Paystack is aimed at accelerating online commerce across Africa. According to Matt Henderson, Stripe’s business lead in EMEA, the acquisition will “…give Paystack resources to develop new products, support more businesses and consolidate the hyper-fragmented African payment market.”

Paystack, therefore, will continue operating independently and overtime be embedded in Stripe’s Global Payments and Treasury Network (GPTN).

See also: THE RISE OF E-Commerce in Nigeria