Nigerian ‘unicorn’ Interswitch sells stake to Visa

Wednesday, November 13, 2019

By Libby George, Alexis Akwagyiram

LAGOS (Reuters) – Visa Inc (V.N) will buy a significant minority stake in Nigerian payments platform Interswitch, creating “an instant acceptance network across Africa” that will help drive expansion, both companies said in a statement on Tuesday.

Interswitch and Visa did not provide financial details but a source confirmed media reports that Visa would buy a 20% stake for $200 million.

That would value Interswitch at $1 billion, giving it “unicorn” status – a term for tech companies with a valuation of a billion dollars or more.

 

 

Source: Reuters (link opens in a new window)

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Finance
Tags
financial inclusion