Visa Inc. is set to acquire a 20% stake in African Fintech, Interswitch. According to Sky News, Visa will pay $200 million ahead of a potential London Stock Exchange Initial Public Offering (IPO) during the first half of 2020.
Both companies are in advanced talks and the deal could be announced soon. The investment by Visa will facilitate the formation of a strategic partnership to target the fast-growing African digital payment market.
Interswitch is one of the largest Africa-focused electronic payments and infrastructure companies, with point-of-sale terminals, online consumer payment platforms and its own card, Verve.
On the other hand, Visa Inc. facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, gift cards, and debit cards. It has operations across all six continents. It is also the world’s second-largest card payment organization (debit and credit cards combined).
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