In 2015, Shola Akinlade co-founded Paystack with one goal: to make online payments seamless for African businesses. Little did he know that in just five years, his startup would become one of the most important payment solutions in Nigeria, powering over 50% of online transactions in the country.
Before founding Paystack, Akinlade had a deep interest in technology and software development. As a software engineer with a background in building enterprise software solutions, he saw firsthand how difficult it was for African businesses to accept online payments. This sparked the idea for Paystack, a solution to help businesses accept payments from customers through debit cards, bank transfers, and mobile money, all through a simple and reliable platform.
Paystack’s rapid growth didn’t go unnoticed. By 2020, the startup had processed billions of dollars in transactions across Nigeria and other African markets. Paystack quickly became a favorite for merchants, from small businesses to large corporations, offering seamless integrations and a suite of developer-friendly tools.
In a defining moment for African tech, Paystack caught the attention of Stripe, a global payments giant. Impressed by the company’s success and potential to shape Africa’s digital economy, Stripe acquired Paystack for $200 million in 2020. The acquisition marked one of the largest tech exits in Africa’s history, cementing Akinlade’s status as a key figure in the continent’s fintech ecosystem.
Shola Akinlade’s journey with Paystack didn’t end with the acquisition. Today, he continues to lead the company, driving its expansion into new African markets and furthering its mission of enabling financial inclusion across the continent. Through Paystack, Akinlade has proven that Africa’s tech landscape is filled with opportunities—and he’s helping to shape its future one transaction at a time.
