⁍ U.S. payments company Stripe has bought Nigerian startup Paystack to expand into the fast-growing online market in Africa.

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⁍ The acquisition reflects the growing online commerce market in Nigeria and across sub-Saharan Africa.

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⁍ The Silicon Valley firm is unlisted but valued at $36 billion, according to investor website PitchBook.

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– The US payments company Stripe has bought a Nigerian startup to expand into the fast-growing online market in Africa, the companies said Thursday, per Reuters. The acquisition, which media reports said was worth some $200 million, reflects the growing online commerce market in Nigeria and across sub-Saharan Africa. “The African internet economy is expanding quickly, with online commerce in region growing 21% year-over-year, 75% faster than the global average,” Stripe said in a statement. “In order to help increase Africa’s online GDP, Stripe has entered into an agreement to acquire Paystack.” The Silicon Valley firm is unlisted but valued at $36 billion, per investor website PitchBook. Paystack, which also provides payments systems, works with more than 60,000 businesses including FedEx, MTN, and UPS and processes hundreds of millions of dollars each month.