Paystack and Olumide Soyombo: Achieving Lift-off for Nigerian Tech
“PAYMENTS GIANT STRIPE HAS BOUGHT NIGERIAN PAYMENTS STARTUP PAYSTACK FOR AFRICAN EXPANSION”
– QUARTZ AFRICA
On 15 October 2020, the headlines emblazoned across every major tech news platform carried the same thrilling news about the Nigerian fintech phenom Paystack. The acquisition, reportedly valued at US$200 million, was a big deal – a very big deal.
For Stripe, a Silicon Valley unicorn with global ambitions, it represented a major strategic move. They were already on a growth streak that year, having recently expanded services into five new European markets. The acquisition of Paystack – their largest to date – marked their official entry into Africa.