Nigerian Fintech Startup PayStack sold for $200M

19 Oct 2020

Ezra Olubi and Shola Akinlade sold their fintech company for over $200 million. Photo credit: Nairametrics

PayStack, a fintech startup founded in 2016 by Ezra Olubi and Shola Akinlade, has been acquired by Stripe for over $200 million (over N76 billion). Akinlade said the company was not up for sale when Stripe initially approached for the acquisition, Nairametrics reports.

Akinlade said they sold the company because they believed that Stripe would help them with their mission to accelerate payments in Africa.

He said: “Paystack was not for sale when Stripe approached us. “For us, it’s about the mission. I’m driven by the mission to accelerate payments on the continent, and I am convinced that Stripe will help us get there faster. It is a very natural move.” The deal is the biggest tech acquisition in Nigerian corporate history and has been applauded by many.