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October 16, 2020TransactionWatch

TransactionWatch – Week of October 12th – October 16th

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Stripe continues to make headway in their global expansion efforts with their recently announced acquisition of Nigerian-based payments startup, Paystack. Stripe’s new acquisition further emphasizes the company’s global expansion strategy, which is also accompanied through their internal growth initiatives which have added seventeen additional countries to its payments platform in the last eighteen months. Although terms of the acquisition were not disclosed; it is suspected that the deal was valued at more than $200 million, making this Stripe’s largest acquisition to date. Furthermore, this deal also highlights Stripe’s focus towards the emerging payments market in Africa, in which they believe online commerce will continue to make significant strides in year-over-year growth.

Separately, First Citizens BancShares announced today (Oct. 16th) their intentions to acquire CIT Group for nearly $2.2 billion. The combined banking group will have approximately $110 billion in assets and consist of more than 600 bank branches across the country. While this group will predominantly focus on the issuing side of payments, the acquisition of CIT Group could enable First Citizens to expand their merchant services offering into new markets and geographies. However, the sale of this transaction is expected to close in the first half of 2021.

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