Paystack, the Nigerian fintech owned by Stripe, reorganized its businesses under a new holding company, The Stack Group, in Nigeria this week after reaching group profitability. The new structure places four businesses under TSG: Paystack’s core merchant payments business, the consumer payments app Zap, Paystack Microfinance Bank, and a venture studio known as TSG Labs. The shift reflects a strategic move to manage risk, regulation, and ownership across distinct financial products. A Holding Company Model to Contain Risk and Regulation By adopting a holding company structure, Paystack has separated payments,
Nigerian fintech startup Cleva has raised $1.5 million in pre-seed funding in a round led by San Francisco-based 1984 Ventures. Founded by Tolu Alabi and Phillip Abel, alumni of Stripe and Amazon Web Services (AWS), Cleva’s product provides a way for Africans to navigate hyperinflation challenges. Africans face persistent challenges in receiving international payments for their skills and products. According to the startup, it is estimated that the market for facilitating payments for remote workers and freelancers in Africa will be an $18 billion opportunity. Nigerian Startup Cleva Cleva is a USD banking platform for emerging
Earlier this year, on February 13th, Sporting Lagos FC played its first-ever football match, which ended in a draw. The club, which currently plays in the Nigerian National League, the country’s second tier, is the brainchild of Shola Akinlade, co-founder and CEO of financial technology company Paystack, which he says was acquired for more than $200 million in 2020 by Irish American financial services company Stripe. Akinlade says he intends for Sporting Lagos to be a platform for community development and social change. But managing a football club in Nigeria is often
