Visa to acquire a 20 per cent stake for $200 million in Interswitch

The new Visa backing will makes Interswitch a real unicorn worth about $1 billion valuation. 

Interswitch Office, Nigeria

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.

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