PayStack founders sell fintech startup for N76 billion

PayStack founders sell fintech startup for N76 billion

- When Ezra Olubi and Shola Akinlade founded PayStack, a fintech startup in 2016, they didn't know they will be selling it for a whopping over $200 million four years later

- The company was not for sale when global fintech giant Stripe approached the founders, but the latter managed to strike a deal with the Nigerian entrepreneurs

- The fintech startup already processes more than half of all online transactions in Nigeria

- Olubi and Akinlade have shown the world that Nigerians are thinkers and innovators who are excelling in various fields

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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.

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Reactions as student is seen going to school with a stove frame to use as sitting stool notes that Akinlade said they sold the company because they believed that Stripe would help them with their mission to accelerate payments in Africa.

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PayStack founders sell fintech startup for N76 billion
Ezra Olubi and Shola Akinlade sold their fintech company for over $200 million. Photo credit: Nairametrics
Source: UGC

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.

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In other news, three Nigerian teenage girls represented the nation well in faraway Ireland with their tech skills.

They built an app that helps people living with memory loss associated with old age, also known as dementia.

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Rachel Akano, Margaret Akano, and Joy Njekwe defeated over 1000 entries from 62 countries with their amazing app named Memory Haven.

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