Fintech Interswitch confirmed that it would resume investment activities after pausing in 2016. Founder and CEO Mitchell Elegbe told TechCrunch that the company would go back to making bets on startups.
“We’ve just certified a team, and the plan is to begin to make those kinds of investments again,” said the CEO.
Elegbe says the fintech will make financial investments and avail its networks to investees. However, the company be very selective, choosing companies that it can add value on.
“We’ll be very selective in the companies we invest in. They should be companies that Interswitch clearly as an entity can add value to. They should be companies that help accelerate growth by virtue of what we do and the customers that we have.”
Interswitch paused investments into startups in 2016, after acquiring Vanso.
No News on The Anticipated Interswitch IPO
The much-awaited IPO is still one of the company’s options. CEO Elegbe mentioned the IPO as one of the various exit options on the table for private investors.
“We have private equity investors, and at some point in the life of the business, they want exits. When it is time for them to exit, there are various options on the table, and an IPO is an option.”
Interswitch first announced plans for a dual listing on the Nigerian Stock Exchange and the London Stock Exchange in 2016, targeting approximately $1 billion.
On January 31 2020, the company listed a $59.6 million bond on the Nigerian Securities Exchange.