After accelerating the digital payments in Africa for over a decade, AfricanFinTech company Interswitch has decided to encourage its corporate venture afresh, as discussed by CEO Mitchell Elegbe at Disrupt 2020.
Switching into high-volume business as well as personal finance, Interswitch will now be resuming investments in African countries, according to Elegbe. Some of its backers include Helios Investment Partners and IFC.
In a statement, Elegbe said that the business will gear up with acquisitions and investments again soon, all while leveraging its network and selective investments.
The firm acquired unicorn status last year after a $200 million equity investment by VTech. One of the major milestones of the firm is its venture arm called ePayment Growth Fund, launched in 2015.
Interswitch has come a long way in pioneering the digitization landscape of Nigeria, supplying rails for the country’s online banking system that serves over 200 million citizens. With time, the firm delved into supplying enterprise as well as private fee merchandise in over 23 nations in the continent.
In conclusion to the Disrupt 2020 session, Elegbe shared his perspective on the possibilities of doing business in Nigeria, the boom of startups, and VC investment in recent years.
