Shola Akinlade is a Nigerian tech entrepreneur who co-founded Paystack, an online payment platform that helps businesses in Africa get paid online and offline. With his groundbreaking work in the tech industry. Akinlade has made a name for himself as a visionary entrepreneur who is changing the face of online payments in Africa.
In this article, we will take a closer look at the life of Shola Akinlade, from his early years to his career and achievements, and discover how he became a leading force in the world of technology. This is the Shola Akinlade Biography.
Shola Akinlade Bio Data
- Name: Shola Akinlade
- Birthday: 22nd December, 1985.
- Birthplace: Lagos, Nigeria.
- Ethnicity: Yoruba
- Nationality: Nigerian
- Alma Mater: Babcock University, Ogun State.
- Profession: Entrepreneur; Software Developer
- Known for: Paystack
- Married: Yes
- Children: Yes
Early Life and Education
He was born on December 22, 1985, in Lagos, Nigeria. Born and raised in Lagos State, Nigeria, Shola Akinlade attended Saint Gregory College, where he obtained his secondary school leaving certificate. After graduating from secondary school, he enrolled in Babcock University, Ogun state, where he studied Computer Science and graduated in 2006.
Career
After graduation, Shola began his career in the tech industry working as a database manager and trainee manager at Heineken, a brewing company in Nigeria. He worked at the Nigerian Breweries PLC between November 2007 and April 2009 when he left to pursue his entrepreneurial dreams.
Shola Akinlade then co-founded a software development company, Klein Devort with Mayowa Okegbenla in 2009. Together, they created Precurio, an open platform for collaborative business solutions that became a success and was later monetized and made available in six different languages. Shola worked as a co-founder and software architect at this firm for several years before venturing into other things.
His success with Precurio opened doors for Shola, and he started receiving requests from banks to build software applications. However, Shola was troubled by the state of payments and transactions and wanted to make things better. He figured that if there was someone who should figure out payments and make things better, then it should be him.
Akinlade having started his career as a software developer, working with several Nigerian startups. In 2015, he co-founded Paystack with his friend, Ezra Olubi. The company’s aim was to make online payments in Africa seamless and secure, by providing a range of payment solutions such as card payments, bank transfers, and mobile money.
Paystack
Paystack is a payment gateway that provides businesses and companies with a platform to accept payments via credit card, debit card, money transfer, and mobile money on their websites or mobile apps. Paystack helps businesses in Africa get paid online and offline. They are based in Lagos, Nigeria, and California, United States.
Paystack was launched in January 2016 and quickly gained popularity in Nigeria. In 2016, Paystack was accepted into the Y Combinator accelerator program, becoming the first Nigerian startup to achieve this feat. Under Akinlade’s leadership, Paystack grew rapidly and became a leading player in the African fintech industry.
Acquisition by Stripe
In 2020, Paystack was acquired by Stripe, a leading global payment company, for over $200 million. This acquisition was reported to be the highest acquisition of a Nigerian startup by the time. The acquisition was a surprise, and it encouraged most companies in the technology sector in Nigeria.
Shola Akinlade claimed that Paystack was not actually interested in selling, but the offer from Stripe was too good to refuse. At the same time, Patrick Collison, the co-founder, and CEO of Stripe gave a good reason for acquiring Paystack at that record-breaking amount. He said that online commerce will grow about 30% every year, and it has also been observed that shoppers are growing twice as fast. He further said that he thought of the future and what financial technology would look like in the 2040s, 2050s, and beyond.
Net Worth
Akinlade’s net worth is estimated to be in the millions of dollars.
Recognition and Awards
Shola Akinlade is a highly successful entrepreneur and has been recognized for his contribution to the African tech industry. In 2018, he was named in Forbes Africa’s 30 under 30 Technology list. In 2020, he was listed in Time’s 100 most influential people in the world.
Personal Life
Akinlade is married and has a son. He is a mentor to young entrepreneurs and a strong advocate for the growth of the African tech ecosystem.
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Remarks
Shola Akinlade’s story is a testament to the potential of African entrepreneurs to make a significant impact on the global tech industry. His success with Paystack has inspired many young Africans to pursue careers in technology and entrepreneurship. Akinlade’s vision for the future of fintech in Africa continues to drive his work and inspire others to join him in creating a better future for the continent.
