Paystack, the Nigerian fintech acquired by Stripe in 2020, has reorganised its operations under a new holding company called The Stack Group, marking a clear shift toward becoming a multi brand technology group. The new structure brings together Paystack’s core merchant payments business, its consumer payments app Zap, Paystack Microfinance Bank, and a venture studio known as TSG Labs. The move signals a more deliberate expansion beyond payments, backed by group wide profitability and positive monthly cash flow.
Under the new arrangement, The Stack Group is jointly owned by Paystack’s chief executive officer Shola Akinlade, Stripe, and Paystack employees known internally as Stacks. According to TSG’s chief operating officer, Amandine Lobelle, the model is designed to reward the people building the company while retaining Stripe’s global backing. Although details of the ownership structure were not disclosed, the launch follows a period of strong growth, with Paystack increasing payment volumes more than twelvefold since its acquisition by Stripe.
The holding company formalises changes that have been unfolding over the past year, as Paystack moved from being a single product payments company into consumer payments and banking. By separating its merchant payments business from newer ventures, TSG allows each unit to pursue its own strategy without diluting Paystack’s core focus or complicating relationships with regulators and partners. The structure also simplifies regulatory oversight by isolating risk across payments, banking, and consumer financial products.
Founded in 2016, Paystack rose rapidly to prominence after becoming the first Nigerian startup accepted into Y Combinator and later recording one of Africa’s biggest tech exits. Now operating in five African countries and processing trillions of naira monthly, the company says the new structure gives it room to experiment responsibly. While competition in consumer payments and banking remains intense, Paystack believes The Stack Group provides the focus and flexibility needed to pursue long term ambitions, including new products built through its venture studio, without weakening its flagship payments business.