The new Visa backing will makes Interswitch a real unicorn worth about $1 billion valuation.
Visa is an American multinational financial services corporation headquartered in the United States. The company is paying $200 million for this new investment in Africa.
The move by Visa to acquire a 20 per cent stake was targeted at becoming a cornerstone investor in Interswitch ahead of the company’s prospective initial public offering (IPO) in London next year.
Sky news reports on Sunday that Zenith Bank also still owns a 5 per cent stake in Interswitch and is currently valued at N538.4 billion. Also, Helios has bought 52 percent of Interswitch for $96 million in December 2010.
Last week, Interswitch announced the acquisition of eClat Healthcare Limited, a Nigeria-based health technology company that aims to improve healthcare delivery in Africa.
Mitchell Elegbe, founded Interswitch in 2002 as a transaction switching and electronic payment processing company.