Interswitch, an Africa-based payment company, has recently secured a joint investment of $110 million from Tana Africa Capital and LeapFrog to expand the online payment services across the continent, both the private investment companies reportedly said in a statement.
Mitchell Elegbe, CEO of Interswitch Group, said in a statement that the company is thrilled to welcome Tana and LeapFrog on board, as Interswitch is looking forward to work on advancing the future of the African payments landscape.
Karima Ola, investment partner at LeapFrog and head of Africa financial services, said that Interswitch is a pioneer in African payments infrastructure. The company has been disrupting the cash economy, promoting equitable financial inclusion and driving digital payments in Nigeria for almost two decades.
She further said that the investment by the company affirms the inspiring talent at Interswitch and LeapFrog is thrilled to seize the significant chance in changing Africa’s digital payments landscape.
Interswitch is one of Africa’s largest online payment transaction platforms. The fintech company is well known for its POS terminals, online payment platforms, and its own card Verve and Quickteller, the biggest domestic debit card scheme across the continent.
Apart from this, both Tana and LeapFrog look forward to work with existing investors and management to continuously drive pan-African strategy of Interswitch, which includes onboarding new users and launching new products to promote and support a financial inclusion strategy.
In 2016, Interswitch planned to go public for the first time with dual listing on the Nigeria and London stock exchanges.
This news of the 20-year-old fintech company listing major exchanges surfaced in 2019. However, that plan seems to have been put on hold following its investment from Visa, an American multinational financial services corporation.
Commenting on the new investment, Interswitch said that the exact terms of the transaction haven’t been disclosed, therefore the amount received from the two investment firms cannot be confirmed yet.