Africa-focused digitised payment dev Interswitch bags $110m

Interswitch, which is pioneering the shift to digitised payments, has scored $110m in funding.

The capital was supplied by LeapFrog Investments and Tana Africa Capital. A portion of the investment was acquired from existing investors.

With the funds, the company hopes to drive its pan-African strategy and access new customers across the continent. It also hopes to build new products and support its financial inclusion strategy.

Founded in 2002, Interswitch claims to have disrupted Nigeria’s traditional cash-driven payments system, introducing electronic payments processing and switching services to the market.

The company operates under two flagship brands. Verve, a debit card scheme operating across Africa, and Quickteller, a multi-channel consumer and business payments platform.

Interswitch founder and group chief executive Mitchell Elegbe said, “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.”

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