Emerging global private equity firm, TA Associates, has sealed a new deal to acquire minority interest in Interswitch.
Interswitch is an Africa-focused integrated digital payments and commerce company with mega stakes in Nigeria.
A statement indicated that the transaction was effected through an acquisition of interests from Helios Investment Partners in its investment holding vehicle.
The statement noted that Helios Investment Partners will remain the majority shareholder of Interswitch which was floated in 2002 to drive financial inclusion via digital payments value chain is recognised in the payments space in Nigeria, owns and operates the country’s principal domestic debit card scheme, Verve, as well as serves as a third-party transaction processor for many of Nigeria’s big banks.
It also offers a number of business-to-business electronic payment services to public and private sector organisations and businesses, including government entities, hospitals, telecommunications companies and utilities, and also operates Quickteller, a business-to-consumer bill payments and digital commerce platform in Nigeria.
Interswitch also operates in Kenya and Uganda through accretive add-on acquisitions.
Founder and Managing Director of Interswitch Limited, Mitchell Elegbe, as saying, “Since our founding, we have been committed to creating social, environmental and economic value by facilitating trade through forms of exchange that are secure, convenient and consistent.
The statement “Keeping that in mind, we believe a partnership with an experienced payments investor such as TA Associates will prove highly beneficial to our ongoing efforts of consolidating the impact of our services and increasing financial inclusion for all. We welcome TA on board and look forward to benefitting from their experience in the payments space and their valuable insight and support.”
Co-founder and Managing Partner of Helios, Babatunde Soyoye, said, “For TA Associates to have collaborated with us on Interswitch as their first investment into Africa, given the current market context, is a testament to Interswitch’s successful growth trajectory to date, and the quality and resilience of its brand and business model.”
