In 2020, Stripe bought Paystack, a Lagos payments startup, for $200 million. Six years later, Paystack has expanded across Africa, but its dollar-denominated earnings fell sharply even as they grew in local currencies, prompting it to lay off 33 employees in Europe and the UAE. It later led the purchase of business banking startup Brass in 2024 and launched the Zap consumer app in 2025, but was fined ₦250 million after regulators found Zap was operating like a wallet that its payments licence did not cover. In early 2026, Paystack bought a microfinance bank and formed The Stack Group, allowing it to take deposits, lend and earn interest. The article says Paystack still starts at a disadvantage against rivals such as Moniepoint, which serves more than 6 million active businesses.
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