Paystack, the Stripe-owned payments company, has absorbed Allawee, a Nigerian startup that let other fintechs issue cards. Paystack bought Allawee in 2025 in a deal that was not publicly announced, TechCabal reports.
What customers need to do
Allawee will close its personal and business account services on 1 December 2026. Its cards will stop working and payments to its virtual account numbers will fail. Customers have until 30 November to withdraw their money, give senders new account details and replace saved card details on subscriptions, according to TechCabal.
Businesses are being directed to Paystack MFB, Paystack's microfinance bank, and individuals to Zap, its consumer transfer app. Balances, account numbers, transaction history and verification records will not move across, so customers start again.
Why Paystack wanted it
Allawee started in 2022 as a credit-card lender, moved into credit-risk software and settled on card infrastructure. By May 2025 it was powering cards for PiggyVest, Nomba and Carbon, TechCabal reports. That infrastructure is likely worth more to Paystack than Allawee's own customer accounts, which competed with banking products Paystack can now offer through its own microfinance bank.
Allawee is the second fintech brand Paystack has folded in this year, after business-banking startup Brass in June.
