INTERNATIONAL – Visa plans to acquire a “significant minority” stake in payments platform Interswitch, the Nigeria-based company said on Tuesday.
Interswitch did not provide financial details in its statement but a source confirmed media reports that Visa would buy a 20 percent stake for $200 million (R2.99 billion).
That would value Interswitch at $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.
Andrew Toree, Visa’s regional president for Europe, the Middle East and Africa said that Africa – the world’s second-fastest growing banking market according to a 2017 McKinsey report – is a “priority region” for the company.