Nigerian ‘unicorn’ Interswitch sells stake to Visa
Wednesday, November 13, 2019
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.