Nigeria: Interswitch sells stake to Visa

Visa will buy a 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, November 12.

Interswitch and Visa did not provide financial details but a source confirmed media reports that Visa would buy a 20% stake for US$200 million. 

That would value Interswitch at US$1 billion, giving it “unicorn” status – a term for tech companies with a valuation of a billion dollars or more. 

Visa will join Helios Investment Partners, TA Associates, and IFC as the primary shareholders in Interswitch.

Full Content: Reuters

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