Payment company Interswitch has revealed it now has a value after Visa acquired a minority stake in it.
“The investment makes Interswitch one of the most valuable African fintech businesses with a valuation of $1 billion,” Interswitch said in a release.
Interswitch did not reveal the amount of Visa’s investment and would not confirm Sky News reporting Monday that pegged it at $200 million for 20%.
Founded in 2002 by Mitchell Elegbe, Interswitch pioneered the infrastructure to digitize Nigeria’s then predominantly paper-ledger and cash-based economy.
The company now provides much of the rails for Nigeria’s online banking system that serves Africa’s largest economy and population. Interswitch offers a number of personal and business finance products, including its Verve payment cards and Quickteller payment app.