Interswitch: the team behind the deal with Visa
Visa Inc.’s acquisition of a stake in the Nigerian electronic payment systems champion marks a key milestone in the spectacular development of Interswitch. Founder Mitchell Elegbe has surrounded himself with a strong team.
04/12/2019 at 18h57, by Pierre-Olivier Rouaud
The amount of the deal has not been disclosed, but the transaction gives the company a market valuation in excess of $1 billion and makes it the second largest unicorn in Africa after Jumia. On 12 November, U.S. group Visa Inc. announced that it had acquired a “significant” but “minority” stake in Interswitch, the Nigerian payment systems champion. Visa’s investment was led by American national Andrew Torre, head of the CEMEA zone and a former executive at the World Bank.
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