[SEED FUNDING] Interswitch Invests $1m in SlimTrader

Nigeria’s leading integrated payment systems company, Interswitch Ltd has invested $1million in seed capital to SlimTrader. The Founder and Group Managing Director of Interswitch, Mitchell Elegbe, confirmed this during the formal MOU signing ceremony. Interwsitch drew from its  Interswitch ePayment Growth Fund which is now valued at about $10 million.

According to him;

“SlimTrader is a dynamic and ambitious business dedicated to growing Africa’s ecommerce sector. This makes them an ideal candidate for investment from the Interswitch ePayment Growth Fund.

“At Interswitch we are committed to encouraging innovative ideas in the digital payments and commerce space in Africa and are excited to be working with SlimTrader to expand MoBiashara services into the hospitality sector.”

The Founder and CEO of Slim Trade Femi Akinde on his part was also confident stating

“We remain committed to our mission of unlocking the potential in African businesses. This funding puts more hotels a click away from their own free property management system, website booking engine and channel manager; connecting them to multiple local and international online booking sites. We see this as transformational to the sub-Saharan Africa hospitality industry.”

Interswitch on its part hopes to continue to leverage on the fund to invest in more innovative startups and businesses focused on payment systems and commerce, a move that ensures that its future as a leading payment system is secure. It also ensures helps mitigate the risk of getting disrupted by smaller but more nimble and innovate startups.

SlimTrader on the other hand hopes to use the funds to expand into other African countries as it expands its foothold hospitality business. SlimTrader’s will specifically be using its ecommerce platform, MoBiashara as a parachute into Africa’s hospitality sector covering over 1,500 hotels.

SlimTrader is an online platform that helps businesses sell their goods and services through a multi-channel digital presence. They achieve this through MoBiashara (meaning “more business) a hosted and managed Ecommerce and Mcommerce platform for businesses big and small. The application is used by hotels, airlines and FMCG’s.