Stripe makes play for African e-commerce landscape with Paystack acquisition

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Privately held financial-technology company Stripe announced Thursday that it plans to acquire Paystack, a Nigeria-based payment-processing company. Paystack already processes half of all online transactions in Nigeria, according to Stripe’s release, and the company is aiming to expand across Africa. Paystack’s services are used by more than 60,000 businesses in Nigeria and Ghana, per the release. Stripe and Paystack have a history of working together as Stripe led Paystack’s Series A financing round back in 2018. Terms of the deal weren’t disclosed, but TechCrunch reported that the purchase price is over $200 million. Stripe is one of the most valuable private tech companies with a private-market valuation of $36 billion based on the $600 million extension of a funding round in April.
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