According to the firm, the ‘ePayment Growth Fund will be a catalyst for funding innovation and disruptive business concepts within the payment industry across Africa in a move aimed at helping developing innovative products and services.
Interswitch also thinks the African payment industry is the future.
Mitchell Elegbe, Group Managing Director, Interswitch, said:“Interswitch is committed to encouraging innovative ideas and developing start-ups across Africa. We created the US$10 million e-payment growth fund to do just that, and it is with great excitement that today we can announce our first investment. ACE is exactly the sort of business we want to support: dynamic, energetic and dedicated to breaking barriers for e-commerce in the African market.”
Interswitch yesterday announced they had invested $850k into Tunde Kehinde and Ercin Eksin’s ACE. The cash is the first of the US$2.6 million fundingInterswitch will pour into the logistics startup to accelerate its expansion through Nigeria and beyond into West Africa.