Who is Shola Akinlade and Ezra Olubi? The brains behind Paystack.
You’ve probably heard of Paystack, right? Maybe you’ve even used it. I have, too. But what exactly is Paystack? Who built it? How did it come to life? Today, let’s dive into the story of this groundbreaking company and the brilliant minds behind it.
What is Paystack?
Paystack is a technology company that has revolutionized payments for ambitious businesses in Africa. It’s an online payment gateway that enables merchants to accept credit and debit card payments seamlessly from customers.
As of October 2018, Paystack boasted over 25,000 merchants, processed 2.9 million payments, and paid out $27.5 million to businesses.
In a historic move, Paystack was acquired by Stripe — a leading American payment company — in a deal worth over $200 million (₦76.6 billion). This acquisition marked the largest startup exit in Nigeria’s history, cementing Paystack’s status as a beacon of success in African tech.
The People Behind Paystack
The success of Paystack is a direct reflection of the vision and tenacity of its founders: Shola Akinlade and Ezra Olubi.
Shola Akinlade — CEO
Born and raised in Lagos, Shola studied Computer Science at Babcock University, where he met his future co-founder, Ezra Olubi. Reflecting on Paystack’s origin, Shola once remarked, “Paystack wasn’t built by me — it was built by the economy.”
In 2015, Shola recognized a pressing need: businesses across Nigeria desperately required a simple and reliable way to accept payments. This necessity became the foundation of Paystack, and he began building the platform.
Ezra Olubi — CTO
Ezra Olubi, Shola’s university coursemate, joined him as Paystack’s Chief Technology Officer and co-founder. Ezra’s technical expertise played a pivotal role in transforming Paystack into a user-friendly and scalable platform.
A Trailblazing Journey
Paystack became the first Nigerian company accepted into Y Combinator (YC), a prestigious startup accelerator in San Francisco. At YC, Shola and Ezra presented their vision and received $120,000 in seed funding to kickstart the company. This milestone not only validated their idea but also introduced them to a global network of investors and mentors.
Where Are They Now?
Following the Stripe acquisition, Shola and Ezra remain at the forefront of African tech innovation. While Paystack continues to scale new heights, one thing is clear: these two visionaries are always seeking out problems to solve, creating solutions that shape the future.
Paystack’s journey is a testament to the power of identifying a problem, acting on a vision, and building with purpose. Shola Akinlade and Ezra Olubi have shown us what’s possible when innovation meets determination. Their story inspires a generation of entrepreneurs in Nigeria and beyond, proving that local solutions can have a global impact!
