Paystack is a Nigerian payments company that lets businesses accept online and in-person payments by card, bank transfer, USSD and mobile money. Shola Akinlade and Ezra Olubi founded it in 2015, and Stripe acquired it in 2020 in a deal reported at more than US$200 million.
What a business actually gets
A business creates an account, supplies its details, and then connects Paystack to its website, app or a hosted payment page. When a customer pays, Paystack handles the technical side of the transaction and then settles the money to the business’s bank account, in many cases within about a day. Alongside payments it provides a dashboard, dispute tools and fraud screening.
Where it operates
Company profiles describe more than 200,000 businesses across Nigeria, Ghana, Kenya and South Africa using Paystack, from small shops using payment links to enterprises with custom integrations. Treat the business count as a company-level figure.
Why Stripe bought it
Stripe is a global payments company with little presence in African markets at the time, and Paystack had a developer-friendly API, local payment methods and a large customer base. The acquisition gave Stripe an African entry point while Paystack continued to operate under its own brand.
If you are choosing a gateway
- Compare the fee per transaction for local and international cards, which differ.
- Check settlement times and what happens to funds during a dispute.
- Confirm that your business type is supported and what verification documents are needed.
What we could not verify
We did not open a Paystack account or measure settlement times ourselves, and the business count and deal value are company and press figures.
