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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