Interswitch Revenue, Valuation, Funding & Investors

Interswitch is valued at $1B as of November 2019, a 3.3x multiple on its last reported $300M revenue.

Last Interswitch valuation

$1B

Strategic investment · Nov 2019

Last Interswitch funding round

$110M

Undisclosed stage · May 2022

Interswitch revenue

$300M

Strategic investment · Nov 2019

Key investors in Interswitch

  • Visa
  • LeapFrog Investments
  • Tana Africa Capital

Interswitch Overview

About Interswitch

Interswitch is a Lagos-headquartered digital payments processor founded in 2002 operating across 10 African countries. The company manages Verve card scheme with 60 million cards issued, Quickteller for bill payments, and APIs for e-commerce serving banks like Zenith and MTN MoMo integrations.


Founded

2002

HQ

NigeriaLagos

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Revenue

$300M (Nov 2019)

Valuation

$1B (Nov 2019)

Interswitch Valuation

Interswitch is currently valued at $1B, based on its strategic investment round in November 2019.

The $200M round was led by Visa.

Interswitch valuation by funding round

Interswitch valuation by funding round
DateStageValuationRevenue Multiple
Nov 2019Strategic investment$1B3.3x

Interswitch Revenue

Interswitch's latest recorded revenue is $300M, as of its strategic investment round in November 2019. At a $1B valuation, that implies a 3.3x revenue multiple.

Interswitch revenue by funding round

Interswitch revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Nov 2019$300M$1B3.3xStrategic investment

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Interswitch Funding History

Interswitch has raised a total of $310M across 2 funding rounds.

Interswitch's first fundraising round was a $200M strategic investment round in November 2019. The most recent completed round was a $110M undisclosed-stage round in May 2022.

Interswitch funding rounds

Interswitch funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2022Undisclosed stageLeapFrog Investments; Tana Africa Capital$110M-Interswitch, a leading African payments company founded in 2002 by Mitchell Elegbe, secured a $110 million joint investment from LeapFrog Investments and Tana Africa Capital on May 12, 2022, to scale its digital payment services across Africa, including expansion of its pan-African strategy, product innovation, and financial inclusion efforts. The investment involved both new capital and acquisition of shares from existing shareholders like Ignite Holdco (Helios and TA Associates), with some sources describing it as a 15% sell-down of holdings. Interswitch operates flagship brands Verve, Africa's largest domestic debit card scheme with over 35 million active cards, and Quickteller, a multichannel payments platform powering much of Nigeria's online banking, POS terminals, and electronic payments infrastructure. The firm has disrupted Nigeria's cash economy, serving unbanked and underbanked customers, enabling digital payments, installment insurance premiums, and broader financial access in sub-Saharan Africa targeting one billion emerging consumers. LeapFrog and Tana aim to support Interswitch's growth amid Africa's evolving digital payments landscape.
Nov 2019Strategic investmentVisa (lead)$200M$1BInterswitch, a Lagos-based Nigerian digital payments firm founded in 2002 by Mitchell Elegbe, confirmed a $1 billion valuation after Visa acquired a minority equity stake around November 11, 2019, marking it as Africa's latest unicorn and one of the continent's most valuable fintech businesses. The company did not disclose the exact investment amount but reports suggested Visa paid around $200 million for approximately 20% stake, subject to regulatory approvals expected to close by Q1 2020. This strategic collaboration aims to expand payment acceptance networks across Africa, leveraging Interswitch's Verve debit card scheme and Quickteller platform. Operating from Nigeria with physical presence in Uganda, Gambia, and Kenya, Interswitch sells products in 23 African countries and processes over 500 million transactions monthly as of May 2019. The Visa deal positions Interswitch strongly ahead of its planned IPO, potentially in H1 2020 on London and Lagos exchanges, providing exits for existing investors like Helios Investment Partners, TA Associates, and IFC. It underscores growing momentum in African fintech amid rising VC investments, though annual funding remained around $1 billion per Partech data. Interswitch has pursued expansion through recent acquisitions and partnerships, including enabling Verve card payments on Discover's global network. The unicorn status highlights its dominance in Nigeria's electronic payments market, distinguishing it from peers like Jumia, whose valuation dipped post-IPO. Visa emphasized the partnership's role in supporting digital commerce growth in priority region Africa.

Who has invested in Interswitch?

3 investors have backed Interswitch across its funding rounds, including Visa, LeapFrog Investments and Tana Africa Capital.

Lead investors include Visa.


Interswitch Investors

Investors in Interswitch by funding rounds participated
InvestorHQRoundsRoleFirst check
VisaUnited StatesSan Francisco, CA1LeadNov 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Interswitch

Interswitch has acquired 3 companies to date.

Last acquisition by Interswitch was on October 30th 2019. Interswitch acquired eClat Healthcare for undisclosed valuation.


Latest Acquisitions by Interswitch

eClat Healthcare
VANSO
Paynet
Description
eClat Healthcare is a technology platform developer for healthcare providers. It facilitates practice planning, design, and operations through customized software addressing electronic health records, patient management, and workflow optimization in clinical settings.
VANSO is a Johannesburg-headquartered fintech provider delivering mobile wallet and security solutions across Africa. The company operates in Nigeria, Kenya, and South Africa, enabling secure remittances, bill payments, and microloans via USSD and app interfaces compliant with PCI-DSS standards. Its platform processes over 5 million transactions monthly for unbanked users through partnerships with MTN and Airtel. Established in 2015, VANSO expanded to eight countries by 2023, focusing on fraud detection with biometric authentication.
Paynet is a financial services provider offering electronic products across East Africa, including Kenya, Uganda, Tanzania, and Rwanda. Its architecture supports rapid launches of payment solutions for consumer, SME, and corporate clients through financial institutions. Nairobi-based since 2005, Paynet processes mobile money transfers, bill payments, and merchant acquiring. The company manages over 10 million transactions monthly via interoperable networks, partnering with banks like Equity Bank and KCB.
HQ CountryNigeriaNigeriaKenya
HQ City
Lagos
Lagos
Nairobi
Deal Date30 Oct 20198 Feb 201618 Sep 2014
Valuationundisclosed$10Mundisclosed
EV/Revenue
EV/EBITDA

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Investments by Interswitch

Interswitch has invested in 4 companies to date.

Latest investment by Interswitch was on March 9th 2022. Interswitch invested in OkHi in their $2M Seed round.


Latest Investments by Interswitch

OkHi
Shuttlers
OkHi
SlimTrader
Description
OkHi is a Nairobi-based digital addressing system designed for emerging markets in Africa. It assigns unique geocode identifiers to informal locations lacking postal addresses, integrating with GPS for precise navigation. OkHi enables last-mile delivery for e-commerce giants like Jumia, improves emergency response times with first responders in Kenya, and supports KYC verification for banks like Equity Bank. The platform covers over 1 million locations across East Africa since 2016.
Shuttlers is a Lagos-headquartered platform enabling scheduled bus-sharing for commuters in Nigeria. Riders book fixed-route, air-conditioned minibuses via the app for daily trips to offices in Victoria Island, Ikeja, and Lekki, with services extending to Abuja. Fares range from NGN 500 per trip, integrating corporate shuttle partnerships and real-time tracking to ease Lagos traffic. Operating since 2018 through shuttlers.ng, it serves thousands of daily users with reliable, affordable transport.
OkHi is a Nairobi-based digital addressing system designed for emerging markets in Africa. It assigns unique geocode identifiers to informal locations lacking postal addresses, integrating with GPS for precise navigation. OkHi enables last-mile delivery for e-commerce giants like Jumia, improves emergency response times with first responders in Kenya, and supports KYC verification for banks like Equity Bank. The platform covers over 1 million locations across East Africa since 2016.
SlimTrader is a Nairobi-based e-commerce platform operator offering MoBiashara, Africa's first mobile shopping service for consumers in developing markets. The platform enables purchases of goods and services directly via mobile phones, addressing barriers like limited internet access and banking in Kenya and beyond. Launched in 2012, SlimTrader facilitates transactions for everyday essentials through USSD and SMS, partnering with local retailers and telcos such as Safaricom to reach underserved rural populations across East Africa.
HQ CountryKenyaNigeriaKenyaUnited States
HQ City
Nairobi
Lagos
Nairobi
Seattle, WA
Deal Date9 Mar 202216 Nov 202124 Aug 202020 Oct 2015
RoundSeedSeedSeedSeries A
Raised$2M$2M$2M$1M
InvestorsChapel Hill Denham; 54 Collective; Resilience17; Exfi; Cur8 Capital; Betatron Venture GroupFive35 Ventures; CMC 21 & Alsa; Sakore; Nikky Taurus; ShEquity; EchoVC Partners; Rising Tide Africa; Co-Creation Hub Nigeria; Consonance Investment Managers; VestedWorld; Launch AfricaChapel Hill Denham; 54 Collective; Exfi; Olugbenga Agboola; Betatron Venture Group-
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Interswitch Competitors

Interswitch competitors include listed companies like PicPay and PaySign, and private ones like Stax, TransferMate, Satispay and Hala.

Public and private companies comparable to Interswitch
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
StaxUnited StatesOrlando, FLPrivate--$1B-
TransferMateIrelandKilkennyPrivate--$1B-
SatispayItalyMilanPrivate$160M-$980M6.1x
HalaSaudi ArabiaRiyadhPrivate--$900M-
PicPayBrazilBrazilPublicly listed$1.2B$205M$1.2B0.5x
PaySignUnited StatesUnited StatesPublicly listed$82M$16M$701M6.4x

Interswitch Public Comps

Interswitch is still privately-owned, but its public comps include Eurowag, Deluxe, Worldline, SY Holdings Group, PicPay, Fawry, Cass Information Systems, Digital Garage, PaySign and SLR Digital Finance.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Eurowag$2.7B$119M0.5x3.0x10.3x7.5x
Deluxe$2.1B$379M1.2x1.2x6.7x5.6x
Worldline$4.6B($5.2B)0.6x0.7x(0.6x)3.8x
SY Holdings Group$135M$120M5.8x-6.5x-
PicPay$1.2B$205M1.0x0.5x6.0x3.8x
Fawry$166M$73M6.8x5.2x15.4x9.6x
Cass Information Systems$182M-4.6x4.1x--
Digital Garage$263M$51M1.9x1.9x10.0x10.3x

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Common questions about Interswitch

When was Interswitch founded?Interswitch was founded in 2002.
Where is Interswitch headquartered?Interswitch is headquartered in Lagos, Nigeria.
Is Interswitch publicly listed?No, Interswitch is a private, VC-backed company.
What is Interswitch's valuation?Interswitch was last valued at $1B in its strategic investment round in November 2019.
How much funding has Interswitch raised?Interswitch has raised $310M across 2 funding rounds.
What was Interswitch's last funding round?Interswitch's last funding round was a $110M undisclosed-stage round in May 2022.
Who are Interswitch's investors?Interswitch's investors include Visa, LeapFrog Investments and Tana Africa Capital.
What is Interswitch's revenue?Interswitch's latest recorded revenue is $300M (November 2019).
What is Interswitch's revenue multiple?Interswitch's latest valuation implies a 3.3x revenue multiple ($1B valuation on $300M of revenue).
Which companies are comparable to Interswitch?Companies comparable to Interswitch include Stax, TransferMate, Satispay, Hala, PicPay and PaySign.
How many companies has Interswitch acquired?Interswitch has acquired 3 companies, including eClat Healthcare, VANSO and Paynet.
What was the largest acquisition by Interswitch?The $10M acquisition of VANSO in February 2016 is the largest acquisition Interswitch has made to date.
How many companies has Interswitch invested in?Interswitch has invested in 4 companies, including OkHi, Shuttlers, SlimTrader and Africa Courier Express.
What was Interswitch's last investment?In March 2022, Interswitch invested in OkHi's $2M seed round alongside Chapel Hill Denham, 54 Collective, Resilience17 and 3 other investors.

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