Paystack celebrates 10 years, unveils new parent company The Stack Group

Nigerian fintech company, Paystack, marks its 10th anniversary with the establishment of The Stack Group (TSG) as its new parent company, indicating an expansion strategy beyond its current focus on online payments and fintech solutions.

The payments company bought by Stripe in 2020 announced a new organisational structure. This structure will manage its expanding range of services, which includes the Zap consumer payments app, Paystack Microfinance Bank, and TSG Labs, its innovation division.

Shola Akinlade, Founder and CEO, will continue to lead the group, with Stripe, its employees, and Akinlade as the founding shareholders of the new company.

Bigger structure for bigger ambitions

Paystack stated that the shift reflects the significant changes the company has undergone since its early days of helping businesses accept card payments. It now serves over 300,000 businesses across five African countries, with regulatory approvals in Egypt and Rwanda, covering nearly half of Africa’s GDP.

The company announced that it is now profitable overall. This is a significant achievement for African financial technology companies that operate on a large scale, especially after more than ten years of growth in different markets, with various products, and under different regulations.

“This new structure allows us to build more products across different domains while staying focused on reliability and long-term impact,” Akinlade said. “We want to support African businesses not just with payments, but with the full set of tools they need to grow.”

Read also: Two companies, one brand: Inside Paystack’s careful step into banking.

The restructuring also reflects changes in leadership and ownership. Notably, Paystack’s former co-founder and CTO, Ezra Olubi, was not listed among the new founding shareholders, pointing to a broader reset following his exit from the company in 2025.

What changes for Paystack and its users

With the new TSG structure, Paystack will keep its focus on merchant payments. Zap will manage consumer transactions, Paystack Microfinance Bank will work on banking services, and TSG Labs will look into new technologies like stablecoins and artificial intelligence.

The company explained that this new setup will help each business unit move more quickly, while still sharing infrastructure, compliance systems, and operational support across the group.

Initially, merchants and developers won’t see immediate changes to existing products or integrations. However, customers can anticipate expanded financial services as the company develops its banking and infrastructure.

Now that Paystack is profitable and has new licenses, the company seems ready to play a bigger part in Africa’s digital economy. It aims to go beyond payments and become a financial technology platform that helps shape how money moves across the continent.

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