LeapFrog and Tana Africa join Interswitch’s cap table

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LeapFrog Investments and Tana Africa Capital have acquired stakes in Interswitch, a Nigeria-based digital payments company from existing shareholders Helios Investment Partners and TA Associates. It’s reported that the two private equity firms are investing $110 million between them. According to a representative for the new stakeholders, the size of the stakes now held by LeapFrog and Tana Africa remain confidential. Helios and TA Associates remain Interswitch’s largest shareholders via Ignite HoldCo, an SPV.

The capital will be used to support Interswitch’s expansion of its digital payments ecosystem across Africa. The firm’s management team plans to add new customers for its solutions across Africa as well as develop and add new, profitable products and services to its offering. Since its launch in 2002, the business has successfully disrupted Nigeria’s traditional cash-driven payments system, introducing electronic payment processing and switching services to the market. Today, Interswitch operates two flagship brands; Verve, a debit card scheme, and Quickteller, a multichannel consumer and business payments platform.

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