Interswitch has today received a $110 million investment fund from leapFrog and Tana Africa Capital to upscale its digital payment services across the continent. The investment will assist the African payments platform in supporting the company’s drive to advance the payment ecosystem across the continent.
LeopFRog and Tana Africa will work with the company to drive Interswitchs pan Africa strategy as it works towards accessing a new customer base across the content, innovating new products and services and supporting its financial inclusion strategy.
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.”
Founded in 2002 by entrepreneur Mitchell Elegbe, Interswitch has disrupted Nigeria’s traditional cash-driven payments system, introducing electronic payments processing and switching services to the market and has since grown into two flagship brands, Verve, a debit card scheme operating across Africa and Quickteller, a popular multichannel consumer and business payments platform.
Led by a highly experienced management team, Interswitch is committed to being a responsible business focused on employee wellness and talent development with 948 full-time employees across Africa. Interswitch also maintains an inclusive culture and is gender-balanced across the business, with women making up approximately 40% of employees across Africa and 38% of the management team.
Karima Ola, the Partner, Head of Africa Financial Services, LeapFrog Investments, said: “Interswitch 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.”Added Karima.
Mark Tindall, Managing Director and CEO, Tana Africa, commented: “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 a 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.”