Visa to snap up a stake in African fin-tech unicorn Interswitch

The payments group Visa is paying $200m for a 20% stake in Interswitch ahead of a potential London IPO next year Visa and Interswitch are in advanced talks about a transaction that could be announced as soon as this week. Sponsored link Sources said on Sunday that the US-based multinational would invest $200m in Interswitch in return for a 20% stake. The deal will see Visa becoming a cornerstone investor in the Nigerian-headquartered company ahead of a prospective initial public offering in London during the first half of 2020. Interswitch is one of the largest Africa-focused electronic payments and infrastructure companies, with point-of-sale terminals, online consumer payment platforms and its own card, Verve. The latter is the biggest domestic debit card scheme in Africa, with more than 19 million cards active on its network. An investment by Visa will facilitate the formation of a strategic partnership to target the fast-growing African digital payment market.

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