Paystack is a financial technology company that specializes in payment processing services for businesses. The company was founded in 2015 with its headquarters in Lagos, Nigeria. In 2016, the company raised about $1.3 million USD and a follow up $8 million USD in 2018.
Stripe, a multinational financial services corporation dual-headquartered in Dublin and California, acquired Paystack for $200 million USD in 2020.
According to a post by Paystack’s Co-founder, the company will layoff 33 employees located in the United Arab Emirates and European regions. The statement claims that the restructuring intends to lower the expense of employing people abroad, with a priority on assembling a team in the regions where the company conducts business.
