Interswitch has received a $110 million joint investment from LeapFrog Investments and Tana Africa Capital to further spread and enhance its solution across Africa.
How’s Interswitch’s focus in line with LeapFrog and Tana’s?
LeapFrog focuses on ensuring the growth, profitability and impact of extraordinary businesses in Africa and Asia. The company has reached 272 million people so far and has provided 143,126 jobs and livelihoods in 35 countries.
On the other hand, Tana Africa Capital invests in several sectors such as food, beverage & personal care, fast-moving consumer goods, retail, education, healthcare, agribusiness, and other consumer-driven sectors driving innovation and solving real-life problems. Operating across North and Sub-Saharan Africa, Tana ensures the growth of these companies.
In line with both companies’ mission-driven, Interswitch is a tech company providing innovative solutions to help businesses grow. LeapFrog and Tana have seen an excellent potential, greater than Interswitch’s current level.
Karima Ola, Partner, Head of Africa Financial Services, LeapFrog Investments said: “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 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.”
Mark Tindall, Managing Director and CEO, Tana Africa commented: “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.”
Mitchell Elegbe, Founder and Group Chief Executive of Interswitch, stated: “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 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 investment also included existing shareholders, with Ignite Holdco Limited, made up of Helios Investment Partners and TA Associates, remaining the largest shareholder in the business following the transaction.
Alongside these existing investors, LeapFrog and Tana will work with management to continue to drive Interswitch’s pan-African strategy, as it looks to access new customers across the continent, innovate with new products and services, and support its financial inclusion strategy.
Interswitch will leverage the investment to advance the payment ecosystem across Africa, rolling out innovations to enhance the economy.
