The funding will help Interswitch enhance its digital payment services. Here are the top-line bullets you need to know.
Interswitch, an African fintech company, has raised $110M in private equity funding. The round drew participation from LeapFrog Investments and Tana Africa Capital.
HOW’S THE COMPANY PERFORMING?
- Nigeria-based Interswitch offers digital payment services across Africa.
- The company has issued 35M+ active debit cards since its inception.
- It oversees transactions for 190K+ businesses each day.
- Interswitch is supported by a team of 948 employees.
Source: Interswitch
WHY DOES THE MARKET MATTER?
- The global digital payment market is expected to reach a value of $361.3B by 2030, growing at a CAGR of 20.5%, according to Grand View Research.
- Equity deals to private payments companies saw a record-breaking quarter in Q1’22, growing 37% quarter-over-quarter (QoQ) to 261.
- The US led in total payments deals globally with 87 in Q1’22 — a record high for the region, up 61% QoQ.
- The pandemic-induced rise in demand for contactless payment methods, including mobile wallets and contactless cards, has contributed to growth in this market.
