Paystack Turns 10, Introduces The Stack Group as New Parent Company
Nigerian fintech company Paystack has marked its 10th anniversary with the launch of The Stack Group (TSG) as its new parent company, signalling a broader expansion beyond its core online payments business.
The announcement reflects Paystack’s evolution from a payments startup into a multi-product financial technology group with ambitions across banking, consumer payments, and emerging technologies.
New Group Structure to Oversee Expanding Product Portfolio
Under the new organisational structure, The Stack Group will manage Paystack’s growing suite of businesses, including:
- Paystack, which will continue focusing on merchant and online payments
- Zap, its consumer payments application
- Paystack Microfinance Bank is responsible for banking services
- TSG Labs, the group’s innovation and research division
Paystack said the structure is designed to allow each unit to move faster while sharing core infrastructure such as compliance, security, and operational systems.
Shola Akinlade to Lead Group as Founder and CEO
Shola Akinlade, Founder and CEO of Paystack, will continue to lead the group as CEO of The Stack Group. The founding shareholders of the new parent company include Akinlade, Paystack employees, and Stripe, which acquired Paystack in 2020.
Paystack said the restructuring reflects how far the company has come since its early days of helping Nigerian businesses accept card payments.
Serving 300,000+ Businesses Across Africa
Paystack now supports more than 300,000 businesses across five African countries, with regulatory approvals secured in Egypt and Rwanda. These markets collectively represent nearly half of Africa’s total GDP, according to the company.
The expansion underscores Paystack’s growing influence in Africa’s digital payments and financial services ecosystem.
Paystack Achieves Profitability
The company also disclosed that it is now profitable overall, a milestone achievement for large-scale African fintech companies operating across multiple markets and regulatory environments.
This profitability comes after more than a decade of sustained growth, product diversification, and geographic expansion.
Focus on Long-Term Impact and Broader Financial Tools
Commenting on the development, Akinlade said the new structure positions the company to build a wider range of products while maintaining reliability.
“This new structure allows us to build more products across different domains while staying focused on reliability and long-term impact,” he said.
“We want to support African businesses not just with payments, but with the full set of tools they need to grow.”
Leadership and Ownership Changes
The restructuring also reflects changes in leadership and ownership. Notably, Paystack’s former co-founder and CTO, Ezra Olubi, was not listed among the founding shareholders of The Stack Group, following his exit from the company in 2025.
What Changes for Paystack Merchants and Users
Paystack said there will be no immediate changes to existing products, APIs, or integrations for merchants and developers.
Under the new structure:
- Paystack will continue to focus on merchant payments
- Zap will handle consumer transactions
- Paystack Microfinance Bank will expand banking services
- TSG Labs will explore new technologies such as stablecoins and artificial intelligence
Over time, customers can expect expanded financial services as the company builds out its banking and infrastructure offerings.
Positioning for a Bigger Role in Africa’s Digital Economy
With profitability achieved and new licences in place, Paystack appears poised to play a larger role in shaping how money moves across Africa.
By transitioning from a payments company into a broader fintech platform, The Stack Group aims to support businesses and consumers across multiple financial use cases, reinforcing Paystack’s long-term vision for Africa’s digital economy.
