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.
Large sums of money are available to technology start-ups in SA. But there are almost no technology start-ups getting funded. This is a big problem for the country, both socially and economically, as it strives to lift its long-term growth trajectory. Foreign direct investment and portfolio investment flows will never achieve this alone. Strong growth in new businesses is paramount for growth and social upliftment.