INTERSWITCH, a financial technology firm, has received a $110 million strategic investment from LeapFrog Investments and Tana Africa Capital to promote payment digitalization across Africa.
Interswitch’s Founder and Group Chief Executive Officer, Mitchell Elegbe, revealed this in a statement released on Thursday in Lagos.
Interswitch’s efforts to develop the digital payments ecosystem across Sub-Saharan Africa, according to Elegbe, will be aided by the funding.
“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,”he said.
Karima Ola, Partner, Head of Africa Financial Services, LeapFrog Investments said: “Interswitch as 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,” she said.
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 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,” he said.
Interswitch provides financial services to Nigeria’s unbanked and underbanked customers, as well as expanding financial inclusion for the 1 billion emerging consumers in Sub-Saharan Africa.
