Interswitch reaches Unicorn Status of $1 Billion.

As the growth of the fintech industry in Nigeria continues to accelerate, the digital payment processing company Interswitch has reached a valuation of $1 Billion after Visa acquired a minority equity stake in the firm.

In an announcement to TechCrunch, Interswitch said “The investment makes Interswitch one of the most valuable African Fintech businesses with a valuation of $1 billion, an IPO is still very much in the cards; likely sometime in the first half of 2020”

The confirmation from Interswitch of reaching $1 billion valuations made African Tech reach a greater milestone.

Visa is to spend hundreds of millions of dollars to acquire a stake in Interswitch, an African payments group, in a deal that will see it becoming the continent's latest technology 'unicorn'. Reported by Sky News.

It is said that Visa is paying the sum of $200 million for 20% stack of Interswtich but it is yet to be confirmed by Interswitch and Visa. Interswitch has also declined to comment on the issue of the amount that was invested.

With this new development, it can be said that the Fintech companies in Nigeria are growing fast and not just only in Nigeria, but in Africa at large.

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