Interswitch’s latest business involvement adds two titan investors to its directory board as Tana Africa Capital and LeapFrog Investments raised $110m to promote Interswitch remittance services across Africa. Interswitch has reportedly embarked on an expansion journey to have innovated its digital payment services with high-end technology.
Executive heads of either Interswitch, LeapFrog, or Tana Africa Capital confirmed their consortium posing as a strategic investment scheme in Africa FinTech sector. The Interswitch Group CEO, Mitchell Elegbe statements sent personal messages to LeapFrog Investments and Tana Africa Capital as Elegbe welcomes them on board his payment services pack of investors.
Elegbe highlighted 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.”
The African payment landscape is set to experience an advanced mentorship and management system from the likes of Tana Africa and LeapFrog Investments to support Africa’s finest FinTech platform, Interswitch to grow beyond the continental race. Interswitch’s investment from the African capitalist investors is projected to accelerate remittance innovation that will increase product sales as well as a heightened userbase.
“Interswitch has developed a strong position at the nexus of Nigeria’s payments ecosystem, underpinned by an offering which is primed for continued growth. The business’ evolution is a testament to management’s track record and tenacity. Alongside LeapFrog, we look forward to supporting Interswitch’s next chapter through continued product innovation and growth across the African continent,” Tana Africa Capital Managing Director and CEO, Mark Tindall said.
It is a no-brainer that Interswitch leads the African digital payment sector to have attracted several investors in contributing resourceful offerings to bolster Interswitch’s development growth. Recall Techbooky.africa reported Interswitch to have embraced integrating its payment system with biometric security technology. Interswitch’s LeapFrog and Tana Africa investment consortium seems to focus on the development of this project.
LeapFrog also took time to share a statement about committing to invest in Interswitch regardless of the FinTech pioneer role Interswitch trails in Africa and beyond.
“Interswitch, a pioneer in the African payments ecosystem, has been disrupting the cash economy, driving digital payments, and promoting equitable financial inclusion in Nigeria for two decades. This investment by LeapFrog affirms the formidable talent at Interswitch and how well-placed it is to seize the significant opportunity in Africa’s evolving digital payments landscape,” LeapFrog Investments, partner, head of Africa financial services, Karima Ola.
Interswitch has been existing in the African digital economy serving FinTech products for the inclined African population. Although Interswitch gained the limelight under Visa’s FinTech shadows. Interswitch’s current behemoth stance in the African digital sector is included the hundreds of million dollars Visa invested in Interswitch per 20% stake.
Three years ago when Interswitch secured the $200m from Visa — this was the last IPO report Interswitch published. Today’s Interswitch reports another hundred million dollars LeapFrog and Tana Africa offered in an investment storyline. Still, Interswitch needs to publish the latest fiscal report to ascertain if Interswitch remains on the shortlist of African unicorns.
It is worth noting that the LeapFrog and Tana Africa investment in Interswitch does not involve the activities of Interswitch’s subsidiaries such as QuickTella and Verve FinTech operations.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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