Cross-border payments company Cross Switch has acquired a 50% stake in Vantage Payment Systems, a FinTech aiming to democratise payments in Morocco.
Through this deal, Vantage Payment Systems (VPS) hopes to accelerate the development of its services in Morocco and other countries in Africa.
Following the close of the deal, Equity Invest will maintain a 50% stake in VPS. Equity Invest is a Morocco-based technology holding company that invests in companies innovating with technology in banking, public institutions, defence, cities and more.
Founded in 2014, VPS provides simple and secure online payment solutions. These include local payment methods for Morocco, as well as various multi-channel payment services. The company also owns the brands Payzone and Payexpress and also manages a number of prepaid card programs with different partners.
Its client base includes e-commerce merchants, e-Gov and companies in other sectors.
Cross Switch CEO Tim Davis said, “We are excited to partner with Equity Invest for the next step of the Vantage Payment Systems journey. Sharing a common set of values and a common mission to democratise technology and drive social impact across Africa.
“With their exceptional team, customer focus and proven ability to provide value-add solutions in the Moroccan payment sectors, we believe Vantage Payment Systems has every ingredient for continued success.”
Cross Switch Luxembourg is a pan-African FinTech that has developed a payments platform that caters to all payment methods used in Africa. Through its technology it enables local and international merchants to send and receive money within local markets, across Africa and into other regions.
Last year, global insurance broker and risk advisor Marsh acquired the majority share in Moroccan insurance broker Beassur Marsh.
Through this deal, it allows Marsh to offer insurance and risk advisory services to clients across North and West Africa.
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