Authorization

Nigerias Interswitch confirms $1B valuation after Visa investment

Nigerian digital payments firm Interswitch confirmed today it has reached unicorn status after Visa acquired a minority equity stake in the firm.
The investment makes Interswitch one of the most valuable African fintech businesses with a valuation of $1 billion, Interswitch said in a release to TechCrunch.
The Visa investment could create the first of two market distinctions for Interswitch as it shouldnt change the Lagos based companys plans to go public.
An IPO is still very much in the cards; likely sometime in the first half of 2020, a source with knowledge of the situation told TechCrunch on background.
Interswitch did not reveal the amount of Visas investment and would not confirm Sky News reporting Monday that pegged it at $200 million for 20%.
Whatever the exact number, Interswitchs confirmation of a $1 billion valuation marks another milestone in African tech.
Only one VC backed startup, turned later-stage company on the continent e-commerce venture Jumia has generated enough revenue and capital to achieve a ten-figure valuation.
For the near to medium-term, Interswitch could stand as Africas sole tech-unicorn, since Jumias volatile share-price and declining market-cap since an April IPO have dropped the companys worth below $1 billion (for now).

Africa e-tailer Jumias shares fall 4% day after IPO lockup expiration
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«     2020    »
 12345
6789101112
13141516171819
20212223242526
2728293031