Payment processing giant Stripe has acquired Nigerian payments company Paystack, a 5-year-old company whose tech stack allows businesses to accept payments on websites and mobile apps. Terms of the deal weren’t disclosed, but TechCrunch reported that the deal was valued at more than $200M.

Why should we care?
The acquisition will help Stripe, which is currently valued at $36B, to continue its geographic expansion. Prior to the Paystack acquisition, Stripe expanded to 17 new markets in the last 18 months. CEO Patrick Collison pointed to the growth of e-commerce in Africa as an opportunity. “In absolute numbers, Africa may be smaller right now than other regions, but online commerce will grow about 30% every year,” he told TechCrunch. In addition to its expansion to new markets, Stripe has been investing in payments tech companies (including Fast and PayMongo) and recently inked a payment processing partnership with Salesforce. Stripe’s possible journey to IPO is bolstered by recent key hires, including Mike Clayville as chief revenue officer, and Dhivya Suryadevara as chief financial officer.