This strategic shift is underpinned by several factors that will shape Paystack’s next phase, including rapid advances in technology such as artificial intelligence and stablecoins, the acquisition of key regulatory licenses, and expanded opportunities to support African businesses beyond payments.
Paystack celebrates its 10th anniversary with the launch of its new parent company, The Stack Group (TSG). This marks the beginning of broader ambitions that extend beyond payments to banking, consumer finance and emerging technology.
Founded 10 years ago to help African businesses pay, Paystack has grown to become one of the continent’s leading payments platforms, serving more than 300,000 businesses in Ivory Coast, Ghana, Kenya, Nigeria and South Africa, with regulatory approval in Egypt and Rwanda. Together these markets account for almost half of Africa’s GDP. Since being acquired by global payments company Stripe in 2020, Paystack’s total payment volume has increased more than 12x.
Now in its 20th year of operation, the company has announced that it has achieved group-level profitability. This is a significant milestone for the technology company, which operates at scale in multiple African markets. This profitability milestone reflects sustained growth, operational maturity and increased adoption of digital payments by businesses across the continent.
To support its expanded vision, Paystack has reorganized under The Stack Group, a new holding company aimed at cultivating multiple brands operating in various financial and technology areas. Under the new structure, Paystack will continue to focus on merchant payments, while Zap will handle consumer payments. Paystack Microfinance Bank drives innovation in banking services, and TSG Labs explores new technologies and develops new products within and outside of financial services.
The creation of The Stack Group will introduce a new ownership structure, subject to regulatory approval. The founding shareholders of the group will be Stripe, Paystack founder and CEO Shola Akinlade, and Paystack employees. Mr. Akinlade will continue to lead the group and make personal investments to emphasize his long-term commitment to the business.
This strategic shift is underpinned by several factors that will shape Paystack’s next phase, including rapid advances in technology such as artificial intelligence and stablecoins, the acquisition of key regulatory licenses, and expanded opportunities to support African businesses beyond payments. Paystack already has a microfinance banking license in Nigeria and is finalizing stablecoin licenses in key markets.
Africa is poised for a generational economic and technological shift, and Stack Group aims to build a family of companies that will drive ambition across the continent. The group’s expanded mandate reflects Paystack’s belief that technology will play a central role in unlocking new opportunities for businesses and consumers across Africa over the next decade.
