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Interswitch is set to become Nigeria’s first billion-dollar tech company

Interswitch is set to become Nigeria’s first billion-dollar tech company

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Interswitch

Back in the early 2000s when Mitchell Elegbe had his card seized by an Automated Teller Machine (ATM) in Scotland, despair was the first feeling he felt – just as anyone in his shoes would – however, unlike most people, he managed to also help himself to a lightbulb moment in spite of the frustrating experience. The encounter in Scotland set the ball rolling for what morphed into Interswitch; Africa’s leading digital payments provider.

Elegbe founded Interswitch in 2002 and 17 years later, the company is set to become Nigeria’s first billion-dollar tech company following the news of US-based payments giant, Visa offering to invest $200 million in the company in return for a 20% stake.

Mitchell Elegbe

Interswitch’s potential unicorn status is almost four years overdue. In 2016, it was set to raise over $1 billion from a dual listing on the London Stock Exchange (LSE) and Nigerian Stock Exchange (NSE). However, the plans fell through, no thanks to economic uncertainties in Nigeria at the time.

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Now, several months ahead of its reportedly impending IPO in 2020, Interswitch may have just secured a huge boost to its valuation and according to multiple reports, both parties are in ‘advanced talks’ and could be announcing the deal anytime this week.

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