Paystack

And I think Flutterwave, like the rest of the ecosystem, has kind of come to a maturity where that's not the reality of Africa.

I'd probably disagree about them having lost to Paystack in the sense that they still process huge volumes.

They still have a lot of big customers.

But I think the reality of the business now is you've got to have multiple lines of revenue.

I feel maybe GB won't make the same decision, but if I was the one, I would have sold.

I mean, let me put some context to something.

Paystack existed for $200 million.

How much did Flutterwave raise? And what valuations and how much went out in secondaries.

Like just trying to take the product to market and seeing if we can actually get paying customers or start to scale up from that level.

Now, when we look, you mentioned M-Pesa, you mentioned Paystack, we can look to Flutterwave, we can look to InterSwitch.

You have multiple, you know, big startups that have given us a bit of a playbook.

And here's the thing for me, it's not just about being a unicorn on the African continent.

Um, and we both had s- written our college essays about basically the same thing, like going back, making a difference, studying engineering to make a change.

Um, and around this time, there was, like, the first few African tech companies, like, coming up, Andela, um, Paystack.

Um, and so we're like, "Oh, this is actually possible." Um, so I'll never forget, like, my, um...

Uh, Kenna was supposed to go to Bain.

Paga does 17 trillion, so give or take one trillion a month.

Paystack also does one trillion a month.

Flutterwave does $1 billion a month.

Opay did $358 billion last year.

The Visa CEO at the time, that was around when he was making deals.

I'll call it good timing because I think he made deals.

They invested in Flutterwave and Paystack and businesses across Africa, across the world, and they've now continued that now where they are now investing in various verticals.

For them, it's about understanding the global markets and other businesses or adjacent businesses that exist, especially if those businesses are complementary to them.

No further comments.

Moving on swiftly to Paystack.

Yes.

So Paystack acquired Alawi.

Apparently this acquisition happened in 2025, but it's only just making it to the news.

Yeah.

Wonderful.

So yeah, it's an interesting one.