To the Paystack founders – Shola Akinlade and Ezra Olubi, I send my congratulations again, as a member of the Babcock University family. Shola and Ezra built and exited a business of $200 million within four years. Both of you studied in Babcock and we are happy for the success. I have congratulated our Dean; he is super happy for the ways both have projected “Babcock, Nigeria and Africa at large.” You will read from the University this week. Shola and Ezra, you are living the tenets of “Knowledge, Truth, Service”.
Paystack raised a total of $11.7 million and exited at more than $200 million to Stripe. This could be one of the most successful startups in Nigerian history by merely looking at the efficiency in the utilization of factors of production. Yes, the founders would be controlling a huge part of this company which means the bulk of that $200 million would go to them. From left to right, village to town, and across all domains, what the Paystack boys have done is uncommon in Africa, and most especially Nigeria.
By looking at the multiples and the short time they created this value, Paystack is possibly the most successful Nigerian startup on value creation for investors for deals above $50 million.
I hold professorship in their department. I am very happy for these young men. While many know of Davido, the fact is that Babcock continues to create really good techies. Today, Babcock has the prize. Yes, Babcock University Delivers Nigeria’s Most Successful Tech Startup Exit via Paystack.