Paystack has announced the creation of a new holding company, The Stack Group (TSG), as it celebrates its 10th anniversary.
The Nigerian fintech company noted that the new structure reflects how far it has grown beyond its early focus on helping businesses accept card payments.
Under the new arrangement, the group (TSG) will oversee Paystack’s core payments business, the Zap consumer payments app, Paystack Microfinance Bank, and TSG Labs, its innovation and product development arm.
Shola Akinlade, Paystack’s founder and CEO, will continue to lead the group. Stripe, Paystack employees, and Akinlade are listed as the founding shareholders of the new company.
According to Paystack, the shift is designed to support faster product development and also maintaining shared infrastructure, compliance systems, and operational support across the group.
This new structure allows us to build more products across different domains while staying focused on reliability and long term impact – Akinlade
The company stated that it now serves more than 300,000 businesses across five African countries, with regulatory approvals secured in Egypt and Rwanda.
Paystack recently acquired a microfinance bank in Nigeria, allowing it to build banking and credit infrastructure directly for merchants and reduce reliance on partner banks.
Paystack also stated that the new structure gives the company better chance to expand into banking, consumer finance, and emerging technologies such as artificial intelligence.
