Interswitch Limited and Visa Inc have announced a strategic partnership that will further advance the digital payments ecosystem across Africa.
As part of the agreement, Visa will acquire a significant minority equity stake in Interswitch, a joint statement from both companies said.
The investment makes Interswitch one of the most valuable African FinTech businesses with a valuation of $1 billion.
Visa will join globally renowned investors, Helios Investment Partners, TA Associates and IFC, as shareholders in Interswitch, alongside Company management.
Mitchell Elegbe, Founder and Chief Executive of Interswitch, said, 'I am delighted that Interswitch has formed a partnership with Visa, with whom we plan to drive the next phase of transformation in the African payments landscape.'
Andrew Torre, Regional President CEMEA, Visa, said; 'This partnership aligns with our global strategy to work with and invest in innovative partners.'
Babatunde Soyoye, Helios's co-founder and Managing Partner, added, 'A strategic investment by Visa, the world's leader in digital payments, into Interswitch is a substantial endorsement of the Company's expertise in African payments.'
© Pakistan Press International, source Asianet-Pakistan