Digital payments processor Stripe has taken its first major step towards a stock market debut by hiring a law firm to help with preparations, according to people familiar with the matter.
In recent years, Lagos, Nigeria’s biggest city, has become Africa’s most attractive tech hub for investors. But that could be imperilled by the government’s decision to suspend Twitter’s operations in the country.
Paystack, the fintech start-up acquired last year by US fintech major Stripe, is establishing a presence in South Africa as it looks to cement its position as a significant player in the African online payments industry.
Fintech companies in Africa raised more capital in 2020 despite the Covid-19 pandemic, standing in contrast to their emerging market peers such as Latin America that saw a decline.
Digital payments company Stripe raised $600-million in its latest round of funding, valuing it at $95-billion, the company said in a statement on Sunday.
Fintech start-up Stripe is in talks to raise a new funding round valuing it higher than its last private valuation of US$36-billion, according to people familiar with the matter.
US fintech and Internet payments leader Stripe said on Thursday that it is acquiring Paystack, a Nigerian payments start-up, as it looks to grow its footprint across the African continent.
The Facebook executive responsible for the embattled cryptocurrency said he doesn’t fault companies that pulled out of the project, adding that he’s optimistic more organisations will sign on.
Facebook’s effort to create a cryptocurrency was dealt a blow on Friday after several key partners, including Mastercard, Visa, eBay, Stripe and Mercado Pago, abandoned the project.
Two US senate Democrats are urging three payment processing companies to reconsider their involvement with the libra cryptocurrency project envisioned by Facebook and a coalition of other groups.