Card-issuing fintech Allawee folds into Paystack after quiet acquisition
Allawee is the second fintech brand Paystack has acquired and folded into its operations this year.
Nigeria's fintech startup Allawee is ceasing operations as of December 1, 2026, after being acquired by Paystack in 2025. The acquisition was not publicly announced until emails were sent to Allawee customers. Allawee's technology will now operate within Paystack, and its cards will stop working. Any payment sent to an Allawee account after the deadline will fail.
Customers must withdraw their balances and update their payment details by November 30. Allawee, founded in 2022, has undergone multiple changes in direction, initially starting as a credit card lender and later focusing on card infrastructure. This acquisition is Paystack's second this year, following the fold-in of business banking startup Brass into its microfinance bank in June.
The deals demonstrate Paystack's strategy of assembling financial services through acquisitions rather than building them from scratch.
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