Interswitch, an African funds firm, secures a $110 million funding

Interswitch, an African funds firm, has acquired a $110 million funding from LeapFrog Investments and Tana Africa Capital to assist it increase its digital fee companies throughout Africa. 

Interswitch, with a market capitalization of $1 billion, is one among Africa’s most precious digital fee corporations. 

Among the many fintech’s most notable merchandise are its POS terminals, and on-line client fee methods like Quickteller and Verve, which have issued greater than 35 million lively playing cards since its inception in 2013. 

“We’re thrilled to convey LeapFrog and Tana on board, as we proceed our work to advertise the way forward for the African funds panorama,” Interswitch Group CEO Mitchell Elegbe stated in a press release. 

LeapFrog and Tana wish to have interaction with administration to proceed driving Interswitch’s pan-African technique, which incorporates recruiting new shoppers and growing new merchandise to advertise a monetary inclusion aim, alongside current buyers. 

Interswitch, established in Nigeria, has been dedicated to pushing the boundaries of innovation and selling the expansion and growth of digital funds in Africa since its inception in 2002. 

Interswitch’s final public funding spherical was over three years in the past when Visa paid $200 million for a 20% stake within the firm. 

This newest funding would assist Interswitch increase its capacity to offer modern monetary options for Africans.

 

Learn extra on Tech Gist Africa:

Kaltani, a Nigerian clean-tech startup, has raised $4 million to fight plastic waste in Africa

MARA raises $23 million to develop the crypto financial system portal for Africa

Cogniteam has raised $5.6 million in a Collection A spherical of funding

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