Interswitch, one of Africa’s top technology-driven enterprises focused on payment digitization, has received a strategic investment from LeapFrog Investments and Tana Africa Capital. The investment will help the company’s efforts to improve the payment ecosystem across the continent. A portion of the investment came from existing shareholders, with Ignite Holdco Limited, comprised of Helios Investment Partners and TA Associates, being the company’s largest shareholder following the acquisition.
Together with existing investors, LeapFrog and Tana will continue to drive Interswitch’s pan-African strategy as it seeks to access new clients throughout the continent, innovate with new products and services, and support its financial inclusion objective.
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Interswitch, founded in 2002 by entrepreneur Mitchell Elegbe, disrupted Nigeria’s traditional cash-based payments system by offering electronic payments processing and switching services to the market. Interswitch now has two flagship brands: Verve, an African debit card system, and Quickteller, a popular multichannel consumer and business payments platform.
Interswitch, with 948 full-time employees across Africa and led by a highly experienced management team, is committed to being a responsible business focused on employee wellbeing and talent development. Interswitch also maintains an inclusive culture and is gender-balanced across the board, with women accounting for around 40% of employees in Africa and 38% of the management team.
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Karima Ola, Partner, Head of Africa Financial Services, LeapFrog Investments said: “Interswitch, a pioneer in the African payments ecosystem, has been disrupting the cash economy, driving digital payments and promoting equitable financial inclusion in Nigeria for two decades. This investment by LeapFrog affirms the formidable talent at Interswitch, and how well-placed it is to seize the significant opportunity in Africa’s evolving digital payments landscape. LeapFrog is proud to be partnering with Interswitch to further enhance their innovative, digital capabilities to deliver sustainable scale, whilst positively impacting the lives of millions of people and businesses across the region.”
Mark Tindall, Managing Director and CEO, Tana Africa said:“Interswitch has developed a strong position at the nexus of Nigeria’s payments ecosystem, underpinned by an offering which is primed for continued growth. The business’ evolution is testament to management’s track record and tenacity. Alongside LeapFrog, we look forward to supporting Interswitch’s next chapter through continued product innovation and growth across the African continent.”
Mitchell Elegbe, Founder and Group Chief Executive of Interswitch said: “We are excited to welcome LeapFrog and Tana on board, as we continue our work to advance the future of the African payments landscape. The evolution of fintech in Nigeria and the broader sub-Saharan region has been driven by the need to solve challenges and barriers that exist within the traditional financial system. Interswitch was born from the need to develop solutions that match the unique needs of local customers and merchants.”
A Look At What Interswitch Does
Interswitch is a major technology-driven corporation focused on payment digitalization in Nigeria and other African countries. Interswitch, founded in 2002, disrupted Nigeria’s traditional cash-based payments value chain by facilitating the adoption of electronic payments processing and switching services.
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Today, Interswitch is a critical mass player in Nigeria’s emerging financial ecosystem, operating across the payments value chain, and offers a comprehensive suite of omni-channel payment solutions. Interswitch envisions a thriving Africa powered by the smooth interchange of value and trade, and its aim is to provide technological solutions that connect and empower individuals, businesses, and communities. Interswitch’s extensive network and comprehensive payments platform have aided the development of the Nigerian payments ecosystem and provide the groundwork for Interswitch to expand across Africa.
Interswitch funding Interswitch funding Interswitch funding
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh