Tana Africa Capital and LeapFrog invest $110 Million into Interswitch, a payments firm

Interswitch, an African payment firm has secured a $110 million joint cash injection from Tana Africa Capital and LeapFrog Investments. The company will scale its digital payment services and operation across the continent. 

In a statement, Interswitch Group CEO Mitchell Elegbe said the company was “excited to welcome LeapFrog and Tana on board, as we continue our work to advance the future of the African payments landscape.” 

This is not the first time the company receives such an amount of money, previously Visa injected $200 million for a 20% share of the company. 

“Interswitch, a pioneer in the African payments ecosystem, has been disrupting the cash economy, driving digital payments and promoting equitable financial inclusion in Nigeria for two decades. This investment by LeapFrog affirms the formidable talent at Interswitch and how well-placed it is to seize the significant opportunity in Africa’s evolving digital payments landscape,” said LeapFrog Investments, partner, head of Africa financial services, Karima Ola, in a press statement.

When asked about the investment and the company’s new valuation, an Interswitch spokesperson told TechCrunch, “The exact terms of the transaction haven’t been disclosed. We can’t comment on that for now.”

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