It is very HOT and certainly what I am picking from data: API-based technology startups are very HOT in Nigeria right now. They have the shortest time to raise capital. I have also noticed that most conclude contract agreements faster. More so, they are finding it easier to work with blue chip brands in FMCGs, telecoms and other sectors.
An API (application programming interface) is a computing interface which defines interactions between multiple software systems and intermediaries. Paystack which was acquired by Stripe for excess of $200 million is an example of a fintech API-based startup. From most indications, traditional industrial age companies seem to be preferring API-based anchored partnerships when dealing with startups.
Stripe acquires Nigeria’s Paystack for more than $200 Million. When Stripe invested in Paystack a few years ago, many noted that it was certainly a way to understand the market. I did speak and exchanged emails with the co-founder of Stripe, John Collison, during that time. Now, Stripe has understood well enough, and now wants to buy-out the whole company, creating multi-millionaires in Nigeria overnight.
Nigeria, this is a good news because across the nation, a new club has just been formed: those with extra money to support emerging companies. To Paystack boys, well done. Both have served Nigeria and Africa in great ways.
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