Interswitch, an African payments company, has announced an investment from LeapFrog Investments and Tana Africa Capital.
Although there is no confirmed proof that this money has been received. Techpoint claims it to be $110 million, with the caveat that “the particular details of the deal have not been published.”
Furthermore, when asked about the investment, a spokesman stated that the company could not release such information.
What does Interswitch do?
Interswitch is an Africa-focused interactive technology transaction and commerce organization that facilitates the digital exchange of money, inc.
Mitchell Elegbe (CEO) is the founder of Interswitch and a graduate of Electrical Engineering from the University of Benin.
The fintech firm has POS terminals and online user payment platforms such as Quickteller and Verve.
In addition, the company claims Verve is Africa’s largest domestic debit card scheme, issuing over 35 million active cards since its launch.
Subsequently, the funding will aid in its expansion across the continent and the provision of digital payment services.
Interswitch’s pan-African strategy, which involves recruiting new clients and developing new products aims to promote a financial inclusion agenda.
This strategy is set to benefit from the investment and help push the idea into the marketplace.