African payment company Interswitch raises $110 million

Oluwajuwonlo Afolabi -

Interswitch, an African payment company based in Nigeria has raised $110 million from LeapFrog Investments and Tana Africa Capital to expand its digital services in the continent.

  • Interswitch is powering seamless payment in Africa across online payments, POS terminals, Quickteller and Verve which is 100% accepted for payment in Nigeria and 185 other countries globally, the company claims.
  • The new investors, LeapFrog Investments and Tana Africa Capital plan to work with Interswitch to attract new customers and develop more Africa-driven financial inclusion strategies.
  • The company last raised $200 million from Visa for a 20% stake in 2019.