Led · Equity · May 2022

Interswitch is a 20-year-old fintech that provides electronic payments infrastructure and consumer payment platforms across Africa. The company powers much of the rails for Nigeria’s online banking system and is known for its point-of-sale terminals, Quickteller platform, and the Verve debit card scheme. Verve has issued over 35 million active cards since launch. Interswitch last disclosed funding when Visa paid $200 million for a 20% stake, leaving it with a last known valuation of $1 billion. The company discussed a dual-listing on the London and Nigeria stock exchanges in prior years, though that plan appears to have been put on the back burner after the Visa investment. Management says the new investment will support scaling its digital payment services across the continent. Interswitch is a pioneering Nigerian fintech that builds and operates electronic payments infrastructure and products, including the Verve debit card. Founded in 2002 by a consortium of Nigerian banks and led by Mitchell Elegbe, the company has a presence in over 23 countries. In 2019 it expanded internationally by taking Verve global and moved into healthcare with the acquisition of eClat Healthcare in Nigeria and Swaziland. The company has used multiple financing approaches, including a ₦23 billion ($63.3M) bond placement in October 2019 and a 2017 minority stake sale to TA Associates. Sky News reports Visa is in advanced talks to invest $200M for a 20% stake, which would value Interswitch at no less than $1 billion. Recent deals and activities suggest Interswitch is gearing up to revive IPO ambitions reportedly targeted for the first half of 2020.