{"id":18838,"date":"2020-11-25T12:08:15","date_gmt":"2020-11-25T11:08:15","guid":{"rendered":"https:\/\/news.inventrium.net\/?p=18838"},"modified":"2020-11-25T12:08:15","modified_gmt":"2020-11-25T11:08:15","slug":"shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers","status":"publish","type":"post","link":"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/","title":{"rendered":"Shola Akinlade: Paystack\u2019s maturity relied on a community of hard and smart workers"},"content":{"rendered":"<p>At Paystack, triggers and nudges for product creativity and stunning user interfaces derive from team members\u2019 expectations for how they want the world to look and feel.<\/p>\n<p>The call, if you will, to work at the company is an opportunity to do something about your complaints. To take the matter of changing the world into your hands, not with Molotov cocktails but code bases and Adobe\u2019s magic buttons.<\/p>\n<p>Paystack, the Lagos-based payments startup that helps merchants accept payments from their customers, is now part of an American company following the celebrated (though still under-discussed and under-analysed) sale to Stripe, the global payments giant-in-waiting.<\/p>\n<figure class=\"wp-block-embed-wordpress wp-block-embed is-type-wp-embed is-provider-techcabal\">\n<div class=\"wp-block-embed__wrapper\"><iframe class=\"wp-embedded-content\" title=\"\u201cStripe acquires Nigerian fintech startup, Paystack for over $200 million\u201d \u2014 TechCabal\" src=\"https:\/\/techcabal.com\/2020\/10\/15\/stripe-acquires-paystack\/embed\/#?secret=1DnuFAn1LW\" width=\"500\" height=\"519\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" sandbox=\"allow-scripts\" data-secret=\"1DnuFAn1LW\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/figure>\n<p>The fusion of both companies, though separated miles apart in distance, is testimony to how similar desires are around the world.<\/p>\n<p>But it is chiefly good reckoning for Shola Akinlade, the mid-thirties somewhat shy developer who co-founded Paystack with Babcock University schoolmate Ezra Olubi and turned it into an envy of the world.<\/p>\n<p>As of this writing, Paystack is live in Ghana, Nigeria and South Africa. With the acquisition, they could be popping up in more places.<\/p>\n<p>On\u00a0<em>Building from the Ground Up,\u00a0<\/em>a TechCabal live video interview series in partnership with the UK-Nigeria Tech Hub, we got an honest lowdown from Akinlade on what it took to begin the journey that has made Paystack a $200million company.<\/p>\n<p>Typically self-effacing, Akinlade ascribes the early days\u2019 momentum to encouragement from figures within the Nigerian community \u2013 the ecosystem.\u00a0<a href=\"https:\/\/twitter.com\/OoTheNigerian\">Osita Nwoye<\/a>\u2019s name pops in the conversation, with reference to a famous email sent to Michael Seibel \u2013 CEO of\u00a0<a href=\"https:\/\/techcabal.com\/2020\/09\/11\/factsheet-ycombinator-africa-startups\/\">YCombinator<\/a>\u00a0\u2013 urging the famed accelerator to consider the innovation Akinlade was working on.<\/p>\n<figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\"><iframe loading=\"lazy\" title=\"Building from Ground Up with Shola Akinlade, CEO - Paystack | Powered by the UK-Nigeria Tech Hub.\" src=\"https:\/\/www.youtube.com\/embed\/efs82shxTe0?start=3139&amp;feature=oembed\" width=\"500\" height=\"281\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/figure>\n<p>Other interesting characters at the scene of Paystack\u2019s nativity in the second half of 2015 include angel investor Olumide Soyombo, Oluyomi Ojo (CEO of Printivo),\u00a0<a href=\"https:\/\/techcabal.com\/2019\/12\/04\/my-life-in-tech-odun-longe-has-only-one-job-helping-new-businesses-stand\/\">Odun Longe<\/a>\u00a0of the Longe Practice and Honey Ogundeyi, who used to run the fashion website\u00a0<em>Fashpa.com<\/em>\u00a0en route her current role as the Nigeria country director for the UK-Nigeria Tech Hub.<\/p>\n<p>Paystack took off early because businesses like\u00a0<a href=\"https:\/\/techcabal.com\/2020\/09\/10\/the-backend-piggyvest-engagement-safelock-security\/\">Piggyvest<\/a>,\u00a0<em>Supermart.ng<\/em>\u00a0and now defunct ride-hailing service Jekalo needed payments integrations to build their own proofs of concept.<\/p>\n<p>It\u2019s not like Paystack had it all figured out at the time. Akinlade remembers telling the Jekalo people that \u201cwe can help you collect your money but not be able to settle,\u201d but his service was commissioned and invoiced anyhow.<\/p>\n<p>That kind of confidence from the community spoke to a perception that Akinlade knew what he was up to.<\/p>\n<p>Before Paystack, he had built an open source version of Dropbox and operated it for about 5 years. He\u2019d built software for a few Nigerian banks.<\/p>\n<p>In the conversation with Big Cabal Media\u2019s CEO Tomiwa Aladekomo, Akinlade says building Paystack was partly a result of discovering he could charge a card from his computer. A decade ago, that was sort of a big deal in Nigeria\u2019s emerging financial technology and ecommerce sector, but the process was anything but seamless for the mass consumer or small time business owner.<\/p>\n<p>The challenge, then, was to design a payments product that anyone could consume.<\/p>\n<p>To achieve this, Akinlade would have to go on a recruitment spree. He would convince new developers hungry for a challenge to come on board. He would persuade ex-bank employees and experienced product engineers at older fintechs who were probably comfortable at their jobs. One key hire was Khadijah Abu who came in from Interswitch in 2017 and has been integral to shaping product.<\/p>\n<p>Akinlade would need the expertise of design geeks like Opemipo Aikomo, and the storytelling prowess of Emmanuel Quartey.<\/p>\n<p>Akinlade says it was inevitable that Quartey would be a key cog for the company\u2019s public image following a spectacular presentation during a one-week familiarisation period.<\/p>\n<p>The result? In November 2020, Paystack now processes 5 times what Nigeria as a country was doing in payments pre-Paystack.<\/p>\n<p>Clients include MTN, Bolt and Domino\u2019s, part of 60,000 small to medium-scale businesses using the multiple payments and accounting features the startup has developed over the last five years.<\/p>\n<p>Paystack was built from the ground up by visionary Africans, in concert with investors from around the world.<\/p>\n<p>Thanks to a\u00a0<a href=\"https:\/\/paystack.com\/about\">work culture<\/a>\u00a0centered on transparency, clear communication and practicing kindness, the startup\u2019s 120 or so staff are discernibly among the happiest people in Nigerian tech.<\/p>\n<p>The Stripe acquisition means they\u2019ll be even happier thanks to the stock options they hold. A key question for the ecosystem since mid-October has been this: how do we scale this happiness? How do we build more Paystacks from the ground up?<\/p>\n<p>Here are Akinlade\u2019s thoughts on that:<\/p>\n<p><em>This acquisition shows that people can build something valuable and appreciate value. I like the idea of different ways to do this. One problem with a small ecosystem is that everybody will want to follow one path. If we do so, it\u2019ll be bad. We need more people trying different things so that the options will be plenty. And then, people can have different paths ahead of them.<\/em><\/p>\n<p>The man has sold a company for $200million, earning a valuation above some Nigerian banks that have been around longer. Might be worth paying attention to.<\/p>\n<p>Source: <a href=\"https:\/\/techcabal.com\/2020\/11\/25\/shola-akinlade-paystack-building-from-the-ground-up\/\">https:\/\/techcabal.com\/2020\/11\/25\/shola-akinlade-paystack-building-from-the-ground-up\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At Paystack, triggers and nudges for product creativity and stunning user interfaces derive from team members\u2019 expectations for how they want the world to look and feel. The call, if you will, to work at the company is an opportunity to do something about your complaints. To take the matter of changing the world into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[85],"tags":[1670,1669],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Shola Akinlade: Paystack\u2019s maturity relied on a community of hard and smart workers - Inventrium Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shola Akinlade: Paystack\u2019s maturity relied on a community of hard and smart workers - Inventrium Magazine\" \/>\n<meta property=\"og:description\" content=\"At Paystack, triggers and nudges for product creativity and stunning user interfaces derive from team members\u2019 expectations for how they want the world to look and feel. 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To take the matter of changing the world into [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/\" \/>\n<meta property=\"og:site_name\" content=\"Inventrium Magazine\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Inventrium\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-25T11:08:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news.inventrium.net\/wp-content\/uploads\/2020\/11\/Screenshot-559.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1741\" \/>\n\t<meta property=\"og:image:height\" content=\"840\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Dipo Ajayi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@inventrium\" \/>\n<meta name=\"twitter:site\" content=\"@inventrium\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dipo Ajayi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/\"},\"author\":{\"name\":\"Dipo Ajayi\",\"@id\":\"https:\/\/news.inventrium.net\/#\/schema\/person\/7df831b03e756d282f74ccb6da6542e6\"},\"headline\":\"Shola Akinlade: Paystack\u2019s maturity relied on a community of hard and smart workers\",\"datePublished\":\"2020-11-25T11:08:15+00:00\",\"dateModified\":\"2020-11-25T11:08:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/\"},\"wordCount\":885,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/news.inventrium.net\/#organization\"},\"keywords\":[\"paystack\",\"stripe\"],\"articleSection\":[\"Tech News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/\",\"url\":\"https:\/\/news.inventrium.net\/shola-akinlade-paystacks-maturity-relied-on-a-community-of-hard-and-smart-workers\/\",\"name\":\"Shola Akinlade: Paystack\u2019s maturity relied on a community of hard and smart workers - 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