Interswitch raises $110m to improve digital payments across Africa

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Interswitch, a financial technology-driven company, has raised a strategic investment of $110 million from LeapFrog Investments and Tana Africa Capital to improve the digitisation of payments across Africa.

Interswitch provides financial services for Nigeria’s unbanked and underbanked customers and targets further financial inclusion for sub-Saharan Africa’s 1 billion emerging consumers.

Mr Mitchell Elegbe, Founder and Group Chief Executive Officer, Interswitch, stated this in a statement on Thursday in Lagos.

Elegbe said that the investment would further support Interswitch’s plans to expand the digital payments ecosystem across sub-Saharan Africa.

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“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 within the traditional financial system.

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“Interswitch was born from the need to develop solutions that match the unique needs of local customers and merchants, ”he said.

Karima Ola, Partner, Head of Africa Financial Services, LeapFrog Investments, said: “Interswitch as 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 is proud to be partnering with Interswitch to further enhance their innovative, digital capabilities to deliver sustainable scale, whilst positively impacting the lives of millions of people and businesses across the region,” she said.

Mark Tindall, Managing Director and CEO, Tana Africa, said: “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,” he said.