African payments company, Interswitch has secured a $110 million joint investment from LeapFrog Investments and Tana Africa Capital to scale its digital payment services across the continent.
However, the exact terms of the transaction haven’t been disclosed.
This investment comes almost three years since Interswitch’s last disclosed funding round, when Visa paid $200 million for a 20% stake in the company.
At $1 billion (its last know valuation), Interswitch is one of Africa’s largest electronic payments and infrastructure companies. The fintech powers much of the rails for Nigeria’s online banking system and is well-known for its point-of-sale terminals, online consumer payment platforms, Quickteller, and Verve, the biggest domestic debit card scheme in Africa, issuing over 35 million active cards since launch.
On January 31 2020, the company listed a $59.6 million bond on the Nigerian Securities Exchange.
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