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Stripe’s Valuation Hits $95 Billion After Raising Another $600 Million

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Stripe, a leading global payments company, on Sunday announced it had raised another $600 million in a new funding round that now put the company valuation at $95 billion.

The company that recently acquired Paystack for over $200 million, was valued at $36 billion in April 2020 and has now tripled that value in less than a year.

Presently, Stripe worth more than Elon Musk’s SpaceX and Instacart in valuation terms.

The latest fundraising round was led by Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital, and Ireland’s National Treasury Management Agency (NTMA), Stripe said in a statement.

The payments startup said the money will be used to finance its European operations, Dublin headquarters in particular, “support surging demand from enterprise heavyweights across Europe, and expand its Global Payments and Treasury Network.”

According to Stripe, out of the 42 countries it presently operates in, 31 are in Europe. While many of the Euro-area largest and fastest-growing businesses are already building on the platform.

It said Axel Springer, Jaguar Land Rover, Maersk, Metro, Mountain Warehouse and Waitrose have recently turned to Stripe to grow and diversify their online revenue, or move faster on their transformation projects.

Meanwhile, Europe’s hypergrowth companies such as Deliveroo (UK), Doctolib (France), Glofox (Ireland), Klarna (Sweden), ManoMano (France), N26 (Germany), UiPath (Romania), and Vinted (Lithuania) all build on Stripe to compete on the global stage.

We’re investing a ton more in Europe this year, particularly in Ireland,” said John Collison, President and co-founder of Stripe. “Whether in fintech, mobility, retail or SaaS, the growth opportunity for the European digital economy is immense.“

“Stripe is an accelerator of global economic growth and a leader in sustainable finance. We are convinced that, despite making great progress over the last 10 years, most of Stripe’s success is yet to come” said Conor O’Kelly, CEO of NTMA. “We’re delighted to back Ireland’s and Europe’s most prominent success story, and, in doing so, to help millions of other ambitious companies become more competitive in the global economy.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Kazang Pay Launches Card Acquiring Service in Zambia

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Kazang, the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Kazang operates around 12,000 VAS terminals in Zambia. The goal is to enable the majority to accept card payments over the next six months. Benefits to merchants include low transaction fees and no monthly terminal rental fee for those that meet a modest monthly transaction threshold as well as the opportunity to grow their business through card acceptance.

Kazang is Zambia’s largest VAS point-of-sale terminal provider, enabling mobile money payments, bank and mobile money cash in and out, bill payments, airtime, Zesco, and many other prepaid services on one platform. The addition of card acceptance makes the platform even more comprehensive for merchants and consumers alike.

The launch of Kazang Pay in Zambia follows the introduction of the solution in South Africa, where around 60,000 small and micro merchants use Kazang Pay to accept card payments.  In Zambia, there are around 3.8 million debit, credit and ATM cards in issue and 41,000 point of sale (POS) terminals in place. The value of POS transactions has grown to K 111.4 billion by 2022 from less than K 20 billion in 2018, according to the Bank of Zambia.

Says Leon de Wit, managing director at Kazang Zambia: “Zambia has made enormous strides in terms of financial inclusion, with card usage and penetration growing at a rapid pace. With Kazang Pay, merchants can now easily accept card payments on the same all-in-one terminal they already use for vending of VAS products.

“Card transactions help merchants to grow basket sizes and potentially attract more customers, and at the same time, reduce the risks and costs of handling cash. Moving towards digitalised payments will also enable merchants to track sales, manage cash flow,  and create a footprint that could make it easier for them to access loans.”

Ashley Naidoo, director of Kazang Pay in South Africa says: “Our Zambian merchants have eagerly embraced our card acquiring service as a valuable part of our one-stop solution. Following the launch of Kazang Pay in Zambia, we have seen higher VAS sales across our merchant base and much-improved merchant retention and with our card acquiring solution we now appeal to a broader merchant base.”

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PayRetailers Expands Into Nigeria, Other African Countries

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PayRetailers, the leading payment processor for Latin America, has today announced further expansion into Africa.

With coverage now across 12 countries, the company offers a unified simple payment solution that will be a game changer for cross-border online merchants looking at Africa as their next move for strategic growth.

PayRetailers offer a simple, user-friendly, and scalable experience to businesses looking to grow their regional operations and give them access to major local payment methods like MPESA, Airtel, and MTN.

The further expansion includes Burkina Faso, Cameroon, Kenya, Ivory Coast, Ghana, Senegal, South Africa and Nigeria, having recently launched in Rwanda, Zambia, Uganda, and Tanzania three months ago.

This expansion effort further solidifies PayRetailers’ ability to unlock new growth opportunities for their clients, giving them easy access to additional emerging markets. For existing clients, in fact, this process requires zero integration efforts, as it is all handled via the same API.

With many populations across Africa being underbanked, PayRetailers accelerates financial inclusion across the region by supporting businesses with their growth journey. The market is increasingly mobile and connected, with global businesses seeking to tap into the strong growth opportunities across Africa.

The expansion marks a significant milestone in PayRetailers’ ambitious growth plans, with further expansion planned into more African countries as well as Europe. Leveraging its extensive experience in Latin America, the company is well equipped to address the unique needs of African consumers and businesses.

Jonathan Vintner, Global Head of Sales at PayRetailers, said: “Expanding into eight new markets marks a significant milestone for PayRetailers as we continue our mission to bring tailored payment solutions to diverse regions. Africa is a vibrant and varied continent, with payment preferences that differ from region to region.

“For example, our launch in Kenya enables merchants to access M-Pesa, the country’s leading mobile money provider, while in South Africa, we’re offering a blend of card and cash solutions to meet local demands. All of this is seamlessly integrated into our existing API, allowing merchants to access the top payment methods across Latin America and now Africa through a single connection—with more countries on the horizon”.

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HabariPay’s Profits Surge 30.7% in H1 2024, Reflecting Strong Growth in Digital Payments

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HabariPay, the fintech subsidiary of Guaranty Trust Holding Company (GTCO), has reported a 30.7 percent rise in profit in the first half of 2024.

Analysis of the tier-one bank’s recent financial statement showed that the fintech recorded a profit after tax of N1.7 billion in H1, compared to N1.3 billion in the same period of 2023.

According to the financial statement, HabariPay’s growth showed promising adoption of the bank’s digital payments business as it looks to bolster its hold on the fintech sector.

“Through our Habari platform, our customers can shop for diverse products online, pay bills, watch videos, and listen to music. We continue to improve the platform to meet and support everyone’s lifestyle,” it said.

A further breakdown of the report revealed that the fintech company’s operating income in the first six months increased by 22.7 percent, N2.7 billion in H1, from N2.2 billion in the same period of last year. Its operating expenses rose to N703 million from N688 million.

The company generated N2.06 billion from its core business activities, an 815.6 percent rise from N225 million reported in 2023.

When Guaranty Trust Bank transitioned from its standalone commercial banking structure into a holding company, HabariPay became a standalone business offering payments, a marketplace, and small business services.

HabariPay’s flagship product, Squad, combines a payment gateway and e-commerce platform with a Point-of-Sale business.

The statement added, “In line with its mission of empowering businesses and young innovators across Africa, HabariPay’s Squad launched its first-ever coding sprint, Take on Squad Hackathon 1.0. The two-day social coding event was held at the state-of-the-art GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State.”

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