Shola Akinlade is a Nigerian software engineer and entrepreneur, best known as the co-founder and CEO of Paystack, the African payments company that Stripe acquired in 2020 for over $200 million. Shola Akinlade co-founded Paystack with Ezra Olubi in 2015, building it into one of Africa’s most prominent fintech companies before expanding into sports ownership through Sporting Lagos FC and Denmark’s Aarhus Fremad.
Quick Facts
| Detail | Information |
|---|---|
| Nationality | Nigerian |
| Occupation | Software engineer, entrepreneur |
| Known for | Co-founder and CEO, Paystack |
| Education | Babcock University, Computer Science |
| Secondary school | St. Gregory’s College |
| Co-founder | Ezra Olubi |
| Founded Paystack | 2015 |
| Paystack acquired by Stripe | 2020, over $200 million |
What Is Shola Akinlade’s Educational Background?
Shola Akinlade attended St. Gregory’s College for his secondary education in Nigeria. He went on to study Computer Science at Babcock University, graduating in 2006 with a Bachelor’s degree in the subject.
What Was Shola Akinlade’s Career Before Paystack?
Shola Akinlade began his career at Heineken, where he worked as a management trainee specializing in database management. He later moved on to work as a software engineer with Nigerian banks, gaining experience in financial software before starting his own ventures.
What Was Shola Akinlade’s First Company?
Before Paystack, Shola Akinlade co-founded Klein Devort, a company that developed Precurio, an open-source collaboration platform for businesses in emerging markets. Precurio was downloaded over 150,000 times and made available in six languages, and it has since been used by more than 200,000 organizations.
How Did Shola Akinlade Start Paystack?
Shola Akinlade identified a payments problem in 2014 while helping Nigerian banks with financial software. He put together a waitlist for people to try out the software he was building, and within one month, 300 people had signed up. In 2015, he co-founded Paystack with an old schoolmate, Ezra Olubi, to help businesses and individuals transact online in Nigeria.
What Was Paystack’s Y Combinator Journey?
In November 2015, Paystack was accepted into Y Combinator’s accelerator program as part of its Winter 2016 batch, making it the first Nigerian startup to enter the Silicon Valley-based accelerator. The acceptance helped propel Paystack toward becoming one of Africa’s most prominent technology companies.
What Happened When Stripe Acquired Paystack?
In 2020, Shola Akinlade and his team sold Paystack to the American fintech company Stripe in a deal worth over $200 million. The acquisition marked one of the most notable exits in African startup history at the time.
How Big Is Paystack Today?
Paystack now serves over 60,000 businesses, ranging from startups to government agencies, and processes over 50% of all online payments in Nigeria. The company has expanded operations to other African markets, including South Africa, and became the first African payment gateway partner for Apple Pay.
What Other Ventures Has Shola Akinlade Built?
Since the Stripe acquisition, Shola Akinlade has continued building beyond Paystack. He has developed new products including Zap and assembled a broader company structure known as The Stack Group.
Why Did Shola Akinlade Buy a Danish Football Club?
In 2022, Shola Akinlade founded Sporting Lagos FC, a football club focused on community development in Nigeria. In March 2023, he expanded into international sports ownership by acquiring a 55% stake in Aarhus Fremad, a Danish third-tier division club. The arrangement joined Aarhus Fremad with Sporting Lagos FC as sister clubs, with Aarhus Fremad intended to serve as a talent academy supporting the Nigerian club.
What Is Shola Akinlade Known For Today?
Shola Akinlade is known today as one of Africa’s most influential fintech founders, credited with helping set a new benchmark for African fintech execution, product design, and global ambition. Beyond Paystack, his growing sports portfolio through Sporting Lagos FC and Aarhus Fremad reflects his continued expansion as a Nigerian entrepreneur with interests reaching well beyond payments technology.