Paystack is a fintech start up in Nigeria that aims to provide solutions to payment problems for growing businesses in Nigeria.
The major objective of paystack is to facilitate a reliable and fast payment system and connect the service provider with their buyers using an API payment system.
In recent time, paystack was reported to have been acquired by the world payment system, Stripe.
Stripe is a global technology first approach payment and finance system processing over 250,000 payments on a daily basis.
Though the actual acquisition was not disclosed but according to Techcrunch, the acquisition fees is worth above $200M+
Following the acquisition of paystack by Stripe, the acquisition fee is the most valued acquisition fee in Nigeria history. It is reported that the value of paystack as at the time of acquisition is more than the value of three bank combined in Nigeria. The banks were FCMB, Wema bank and Unity bank.
FCMB worths #44.8bilion, Wema bank worths #21billion, Unity bank worth #6.6billion while the estimated worth of paystack in naira is #74billion.
This estimation has shown how valuable a fintech company can be and how worthy they are.
FCMB was established on the 20th of April, 1982. Wema bank was established on the 2nd of May, 1945. Unity bank was established in 2006 but all the three banks with 38years of operation, 75years of operation and 14years of operation respectively could not meet up the acquisition cost of a fintech company that started five years ago.
This raises another question;
Do we really need banks?
With the advent of cryptocurrency and fintech companies like kurepay, paystack, the relevancy of banks has been reduced to the barest minimum because you are your own bank.
The wallet comes with a unique cryptocurrency wallet that can be used to receive three different type of cryptocurrency which are bitcoin, ethereum and dash.
Not only that, you will enjoy a more secured wallet and a super fast border less payment system that can be used to pay for goods and services globally.
Are you ready to be your own bank, create a kurepay wallet now.