Interswitch has received $110 million in joint investment from LeapFrog investments and Tiana Africa Capital, according to a statement released by the two private investment companies to help it expand its digital payment services across Africa.
Interswitch, with a market capitalization of $1 billion, Africa’s second unicorn. Among the fintech’s most notable products are its POS terminals, and online consumer payment systems like Quickteller and Verve, which have issued more than 35 million active cards since its inception in 2013.
“We are thrilled to bring LeapFrog and Tana on board, as we continue our work to promote the future of the African payments landscape,” Interswitch Group CEO Mitchell Elegbe said in a statement.
Interswitch’s last funding round was in 2019 when VISA acquired a 20% stake, valued at $200 million, and helped it become Africa’s second unicorn. Even then, its products: Verve and Quickteller, were already selling in 23 African countries and had a physical presence in Gambia, Uganda and Kenya. Today, at a $1 billion valuation, Interswitch is one of Africa’s biggest electronic payments and infrastructure companies.
LeapFrog and Tana want to engage with management to continue driving Interswitch’s pan-African strategy, which includes recruiting new clients and developing new products to promote a financial inclusion goal, alongside existing investors.
Interswitch, established in Nigeria, has been committed to pushing the boundaries of innovation and promoting the growth and development of digital payments in Africa since its inception in 2002.
Interswitch’s last public investment round was over three years ago when Visa paid $200 million for a 20% stake in the company.
This latest investment would help Interswitch expand its ability to provide innovative financial solutions for Africans.