From Paystack success to Fremad promotion: Akinlade’s winning formula travels to Denmark

When Nigerian tech entrepreneur Shola Akinlade co-founded Paystack in 2016, many saw it as a bold solution to a long-standing problem in digital payments across Africa.

By 2020, that boldness paid off, quite literally, as Stripe acquired Paystack for a reported $200 million which became a landmark deal in African tech history.

But Akinlade is not one to rest on his laurels. Just two years after launching Sporting Lagos FC in Nigeria, he ventured into Europe with the acquisition of a 55 percent majority stake in Danish club Aarhus Fremad in 2023.

Some may have called it an unusual move; few predicted how quickly it would bear fruit.

Fast forward to 2025, and Aarhus Fremad are champions of the Danish Second Division. Their 1-1 draw on the final day against Amager Fremad was enough to confirm their promotion to the Danish First Division—the second tier of football in Denmark.

 

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This is not just a football success story. It is the continuation of a familiar pattern: Akinlade enters a space, understands the gaps, introduces structure, and empowers those within the system to thrive.

With Paystack, it was about empowering African businesses to receive payments seamlessly. With Aarhus Fremad, it’s about empowering underfunded clubs and overlooked Nigerian talent to thrive on a bigger stage.

Since taking over Fremad, Akinlade has helped transition the club to a fully professional structure, with improved player contracts, better training schedules, and an overall elevation of standards.

Salaries have nearly tripled, and the club now trains four times a week, which ensures a level of professionalism that’s essential for top-level competition.

But it’s not just about money. There’s vision.

Through Sporting Lagos, Akinlade is establishing a clear pipeline for Nigerian talent to transition into European football.

 

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The loan deals of Oluwasegun Olalere and Chima Nwoke to Fremad are early signs of that vision taking shape.

Fremad’s January 2024 visit to Lagos further cemented this budding partnership—one that goes into the realm of development and shared value.

While foreign ownership in Danish football often attracts scepticism, Fremad’s story under Akinlade is winning hearts.

Club director Lars Kruse even admits that what started as a cautious relationship has blossomed into one of mutual trust and proven results.

“A lot of people were sceptical (of the purchase) in the beginning. But we’ve proved them wrong as it is just everyday business for us. Foreign ownership is quite a common thing now in Danish football. It is more that we need to get rid of the bad ones. I hope that we have showed a good example here of how you can do it in a good way.” Kruse said to Soccernet.ng

Indeed, what Akinlade achieved with Paystack — scaling a local solution into a global success — is what he’s now attempting in football.

It’s early days, but with Fremad’s promotion and Sporting Lagos growing in strength, Akinlade’s name might soon be synonymous with football innovation, not just in tech.