At Paystack, the driving force behind innovative products and engaging user interfaces stems from team members’ visions of a better world. The company offers a platform for individuals to channel their ideas into impactful solutions, transforming dissatisfaction into action through programming and design.
The Lagos-based payment solutions company, known for helping merchants accept payments seamlessly, achieved a significant milestone with its acquisition by Stripe, a prominent global payments firm. This union underscores shared ambitions and exemplifies the universal desire to create impactful technology.
At the center of this success is Shola Akinlade, a modest yet determined developer in his mid-thirties, who co-founded Paystack with Ezra Olubi. Together, they have turned their venture into a global contender. Currently operational in Ghana, Nigeria, and South Africa, Paystack is set to expand further under Stripe’s ownership.
The Genesis of Paystack
During a candid conversation, Akinlade reflected on the journey that transformed Paystack into a $200 million company. He credits much of the initial momentum to support from Nigeria’s tech ecosystem. Early encouragement came from industry figures like Osita Nwoye, who advocated for Paystack’s innovation in a pivotal email to YCombinator’s CEO, Michael Seibel.
Other notable contributors to Paystack’s early days include angel investor Olumide Soyombo, Oluyomi Ojo of Printivo, Odun Longe of the Longe Practice, and Honey Ogundeyi, now the Nigeria Country Director for the UK-Nigeria Tech Hub.
Paystack gained traction by meeting the needs of startups like Piggyvest, Supermart.ng, and Jekalo, which required payment integration services. Although the platform wasn’t fully refined at the time, Akinlade’s commitment inspired confidence.
Before launching Paystack, Akinlade had already demonstrated his technical skills by building an open-source alternative to Dropbox and creating software solutions for Nigerian banks. The idea for Paystack arose when he realized he could process card payments from his computer—a groundbreaking concept in Nigeria a decade ago.
Building the Team
To bring his vision to life, Akinlade recruited a diverse team of talented individuals, including developers eager for challenges, seasoned fintech professionals, and creative designers. Notable hires included Khadijah Abu from Interswitch, who played a pivotal role in product development, and Emmanuel Quartey, whose storytelling skills helped shape the company’s public image.
The collaborative efforts of these individuals led to Paystack’s exponential growth. By November 2020, the company was processing payments at five times the rate Nigeria had achieved before its inception, serving over 60,000 businesses, including MTN, Bolt, and Domino’s.
A Culture of Excellence
Paystack’s success is built on a foundation of transparency, open communication, and kindness. This culture has made its 120 employees some of the happiest in Nigeria’s tech industry. The Stripe acquisition has further rewarded staff through stock options, raising questions about how to replicate such success in the ecosystem.
Shola Akinlade’s Vision
Reflecting on Paystack’s journey, Akinlade emphasizes the importance of diversity in innovation. He believes that a thriving ecosystem requires multiple approaches to problem-solving rather than a one-size-fits-all strategy. “The acquisition shows that valuable things can be built and appreciated. We need more people trying different approaches to create diverse opportunities,” he said.
Paystack’s $200 million valuation surpasses that of some longstanding Nigerian banks. Akinlade’s story is a testament to what can be achieved through vision, collaboration, and determination.
