Interswitch raises $110m from LeapFrog others

Interswitch, an African payments firm, has received a $110 million joint investment from LeapFrog Investments and Tana Africa Capital to expand its digital payment services across the continent, according to a statement released by the two private investment firms on Wednesday.

The sum paid from the firms was not confirmed by Interswitch. “The transaction’s exact terms have not been revealed.” When asked about the investment and Interswitch’s new valuation, a company spokeswoman told TechCrunch, “We can’t comment on that right now.”

In a statement, Interswitch Group CEO Mitchell Elegbe said he was “excited to welcome LeapFrog and Tana on board, as we continue to work to advance the future of the African payments landscape.”

Interswitch’s last publicly publicised funding round, when Visa paid $200 million for a 20% share in the company, was almost three years ago. Interswitch is one of Africa’s largest electronic payments and infrastructure companies, valued at $1 billion at the time of writing.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us