Stripe Acquires Nigerian Ireland Based Fintech Startup Touchtech Payments

San Francisco Fintech startup Stripe has acquired an Ireland based FinTech startup, Touchtech Payments co-founded by Nigerian Shekinah Adewumi and Niall Hogan.

Touchtech furnishes financial services companies with advanced Strong Customer Authentication technology (SCA).

The Ireland based startup while announcing the acquisition through a statement said, “Today we’re thrilled to announce we’ve been acquired by Stripe, which will help us accelerate our work and support more customers. Strong Customer Authentication, a new EU regulation coming into effect on September 14, 2019, will radically change the way European customers buy online. As a result, the internet payment landscape is going to change a great deal, and both banks and businesses operating online are going to have to adapt.”

The financial terms and figures of the deal have not been disclosed by either party.

Touchtech has also revealed that it will focus extensively on making it straightforward for banks to provide the best authentication experience to their customers.

Speaking on the deal, Chief Executive at Stripe, Patrick Collision, “Touchtech builds software that helps banks enable frictionless and secure payment experiences. We’re looking forward to supporting their work to improve the online payments ecosystem.”

Touchtech was founded in 2014 by Shekinah Adewumi, Niall Hogan and Joseph Kuye. Kuye has since left Touchtech leaving Adewumi and Hogan as the remaining members of the original founding team.

“Stripe and Touchtech are both using innovative new technology to grow the overall size of the internet economy. Both organizations work hard to take a long-term view of what’s best for both businesses and customers. We’re confident that we’ve found a natural match. As part of Stripe, we will continue to grow our products, based out of Stripe’s R&D hub in Dublin. We are really looking forward to the things we can build by working with Stripe, and can’t wait to show you what we’re up to,” concludes the statement by Touchtech.