• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Companies Company News

DEAL: Interswitch secures $110 million funding to scale digital payment services

Samson Akintaro by Samson Akintaro
May 12, 2022
in Company News, Corporate deals, Tech News
Top 10 tech companies in Lagos Nigeria

Mitchell Elegbe, Interswitch CEO

Share on FacebookShare on TwitterShare on Linkedin

Digital payments company, Interswitch has secured a $110 million in joint investment from LeapFrog Investments and Tana Africa Capital to scale its digital payment services across Africa.

The two investors confirmed this in a statement. Interswitch Group CEO, Mitchell Elegbe, also  confirmed this, saying that the company was “excited to welcome LeapFrog and Tana on board, as we continue our work to advance the future of the African payments landscape.”

LeapFrog and Tana plan to work with management to continue to drive Interswitch’s pan-African strategy, which includes acquiring new customers and building new products to support a financial inclusion strategy.

RelatedStories

Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act

PenCom approves Interswitch, Awabah, 7 others as pension payment providers in Nigeria 

March 25, 2025
Shaping Nigeria’s digital future: The strategic leap in data security by Interswitch and Thales 

Shaping Nigeria’s digital future: The strategic leap in data security by Interswitch and Thales 

November 1, 2024

What they are saying

LeapFrog Investments, partner, head of Africa financial services, Karima Ola, in a statement in the statement announcing the investment 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.”

Mark Tindall, Managing Director and CEO, Tana Africa said: “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 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 said: “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.”

What you should know

  • This news is coming almost three years since Interswitch’s last disclosed funding round when Visa paid $200 million for a 20% stake in the company.
  • At $1 billion (its last know valuation), Interswitch is one of Africa’s largest electronic payments and infrastructure companies.
  • The fintech powers much of the rails for Nigeria’s online banking system and is well-known for its point-of-sale terminals, online consumer payment platforms, Quickteller, and Verve, the biggest domestic debit card scheme in Africa, issuing over 35 million active cards since launch.
  • In 2016, Interswitch taunted the idea of going public.
  • Subsequent reports of the 20-year-old fintech listing on a major exchange also surfaced in 2019 and 2020, but that plan seems to have been shovelled into the back seat following its investment from Visa.

Follow us for Breaking News and Market Intelligence.
Tags: InterswitchMitchell Elegbe
Samson Akintaro

Samson Akintaro

Samson Akintaro is a tech enthusiast and has over a decade experience covering and writing about the tech industry. He is currently the Tech Analyst at Nairametrics.

Related Posts

Lawyers suggest new Pencom DG does not have 15 years experience stipulated in Pension Act
Financial Services

PenCom approves Interswitch, Awabah, 7 others as pension payment providers in Nigeria 

March 25, 2025
Shaping Nigeria’s digital future: The strategic leap in data security by Interswitch and Thales 
Companies

Shaping Nigeria’s digital future: The strategic leap in data security by Interswitch and Thales 

November 1, 2024
Prateek Suri
Companies

Africa’s rising unicorns: The continent’s tech giants leading the charge 

October 5, 2024
Interswitch champions continental fintech ecosystem engagement With AFTS Nairobi 2024 sponsorship
Companies

Interswitch champions continental fintech ecosystem engagement With AFTS Nairobi 2024 sponsorship

August 23, 2024
Interswitch and ACI Worldwide: A renewed partnership powering Africa’s real-time payment revolution
Companies

Interswitch and ACI Worldwide: A renewed partnership powering Africa’s real-time payment revolution

July 24, 2024
Why most Nigerian fintechs may never become profitable – Mitchell Elegbe 
Sectors

Why most Nigerian fintechs may never become profitable – Mitchell Elegbe 

April 14, 2024
Next Post
INEC facilities attack: Buhari threatens to deal with attackers in " language they understand" ,Nigeria to push for global vaccine equity at UN General Assembly

Buhari pleads with ASUU to consider plight of students and call off strike

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • How to invest in Nigerian commercial papers: A beginner’s wealth guide
  • House of Reps approves N774.77 billion NIMASA budget proposal 
  • FG sets 16 as minimum admission age for Nigerian tertiary institutions 

Follow us on social media:

Recent News

Why young Nigerians must consider investing in local and foreign stock markets

How to invest in Nigerian commercial papers: A beginner’s wealth guide

July 8, 2025
REPS

House of Reps approves N774.77 billion NIMASA budget proposal 

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics