In April of this year, payment processing company Stripe received $600 million in
funding, with a $36 billion valuation. With this funding, the API-based payment system was determined to expanding their offerings globally. Today, they took a major first step in achieving this goal, acquiring Lagos, Nigeria based startup Paystack, for over $200 million.
Paystack, founded by Shola Akinlade and Ezra Olubi, operates in a similar fashion to Stripe, using API to integrate payment services into online and offline businesses. Techcrunch, who broke the story, referred to them as the "Stripe of Africa" so it's only fitting this acquisition would take place.
To add, Stripe had been watching Paystack for at least 3 years prior, leading a $8 million funding round.
This is just another example of Nigeria leading the way in the African fintech world.