Shola Akinlade grew up in Lagos, Nigeria, and graduated with a degree in Computer Science from Babcock University in 2006, where he met his future business partner Ezra Olubi. He began his career as a database manager at Heineken before founding Klein Devort, an early software development company.
In 2015, after discovering he could process a card payment directly from his own computer, Akinlade co-founded Paystack with Olubi to solve the unreliable, complicated online payment systems facing Nigerian businesses. Paystack was accepted into Y Combinator's 2016 accelerator cohort, becoming one of the first Nigerian startups to do so, and grew rapidly to become one of the continent's leading payment platforms.
In October 2020, American fintech giant Stripe acquired Paystack for over $200 million, in what TechCrunch described as the largest startup acquisition to come out of Nigeria at the time, and Stripe's own largest acquisition to date. Akinlade has remained CEO of Paystack since the acquisition, continuing to expand its footprint across Africa.
- Co-founded Paystack, acquired by Stripe for over $200 million (2020)
- One of the first Nigerian startups accepted into Y Combinator
- Led Paystack to become the first African payment gateway partner for Apple Pay
- Remains CEO of Paystack following its acquisition
- Solve the problem you personally face.. Akinlade built Paystack after discovering firsthand how difficult it was to process online payments in Nigeria.
- A credible international programme can validate a local idea.. Y Combinator's acceptance gave Paystack early-stage funding and Silicon Valley visibility.
- An acquisition can be a beginning, not an ending.. Akinlade stayed on as CEO after the Stripe deal, continuing to grow the business rather than exiting entirely.