Paystack, the Nigerian fintech company acquired by Stripe in 2020, has officially restructured its business by forming a new holding company called The Stack Group (TSG)—marking one of the most significant evolutions in its ten-year history.
The Stack Group now serves as the parent organization for four major entities:
Paystack—the original merchant payments platform
Zap — a consumer payments app
Paystack Microfinance Bank (MFB) — a licensed banking unit
TSG Labs—a venture and innovation studio focused on emerging technologies, including artificial intelligence and stablecoins.
This restructure is significant for several reasons:
Strategic diversification: Paystack has evolved from a single-product payments processor into a multi-brand technology group addressing broader financial and digital infrastructure needs in Africa.
Group-level profitability: The move coincides with Paystack’s achievement of sustained profitability and positive cash flow — a rare milestone for large fintechs in the region.
Revised ownership: While Stripe remains a major stakeholder, the TSG structure introduces shared ownership with founder & CEO Shola Akinlade and existing Paystack employees, internally known as Stacks.
Overall, The Stack Group reflects a deliberate strategic pivot toward innovation and broader financial services—positioning the company to capture opportunities well beyond its original payments ecosystem.
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