Nigerian fintech company, Paystack, is celebrating its 10th anniversary by establishing The Stack Group (TSG) as its new parent company. This strategic move signifies an expansion beyond its current focus on online payments and fintech solutions.
The payments company, acquired by Stripe in 2020, has announced a new organizational structure designed to manage its growing portfolio of services. This includes the consumer payments app Zap, Paystack Microfinance Bank, and TSG Labs, its dedicated innovation division.
Shola Akinlade, Founder and CEO, will continue to lead the group. Stripe, its employees, and Akinlade are the founding shareholders of the new entity.
A Larger Structure for Ambitious Growth
Paystack has stated that this organizational shift reflects the significant evolution the company has undergone since its inception, when it primarily assisted businesses in accepting card payments. Today, Paystack serves over 300,000 businesses across five African countries, with regulatory approvals in Egypt and Rwanda, covering a substantial portion of Africa's GDP.
The company also announced that it has achieved overall profitability. This is a notable accomplishment for large-scale African financial technology companies, particularly after more than a decade of expansion across diverse markets, product offerings, and regulatory environments.
"This new structure allows us to build more products across different domains while staying focused on reliability and long-term impact," Akinlade stated. "We want to support African businesses not just with payments, but with the full set of tools they need to grow."
The restructuring also involves changes in leadership and ownership. Notably, Paystack’s former co-founder and CTO, Ezra Olubi, was not listed among the new founding shareholders. This indicates a broader organizational reset following his departure from the company in 2025.
Impact of the New Structure on Paystack and Its Users
Under the new TSG umbrella, Paystack will maintain its primary focus on merchant payments. Zap will be responsible for managing consumer transactions, Paystack Microfinance Bank will handle banking services, and TSG Labs will explore emerging technologies such as stablecoins and artificial intelligence.
The company explained that this new setup will empower each business unit to operate with greater agility. Concurrently, they will continue to benefit from shared infrastructure, compliance systems, and operational support across the entire group.
Initially, merchants and developers are not expected to experience immediate changes to their existing products or integrations. However, customers can anticipate an expansion of financial services as the company develops its banking and infrastructure capabilities.
With Paystack now profitable and having secured new licenses, the company appears poised to play a more significant role in Africa's digital economy. Its ambition extends beyond payments to becoming a comprehensive financial technology platform that influences the flow of money across the continent.