Stripe has entered into an agreement to acquire Paystack, an online and offline payments technology company based in Lagos, Nigeria. The size of the transaction was not shared, but is reportedly pegged at roughly $200 million.

The acquisition is a culmination of a partnership between Stripe and Paystack over the last several years, says Paystack. Both companies are alums of the Y Combinator accelerator program; what is more, Stripe led Paystack’s Series A funding in 2018.

Paystack will continue to operate independently, says Stripe. The company is expected to be growing their operations in Africa, and adding more international payment methods.

Over time, Paystack’s capabilities will be embedded in Stripe’s Global Payments and Treasury Network (GPTN), a programmable platform for global money movement that currently spans 42 countries, according to Stripe.

You can find the blog post from Paystack CEO and co-founder Shola Akinlade on the acquisition here.

The acquisition is subject to standard closing conditions, including regulatory approvals.

[Image courtesy: Paystack]