Nigerian financial technology company Interswitch valued has been valued at $1 billion
In a statement released Tuesday, November 12, Visa confirmed that it would buy a 20 percent stake in Nigerian financial technology company Interswitch, for a total of $200 million.
This investment will result in a billion-dollar valuation for Interswitch, Nigeria’s largest electronic payments company, giving it the so-called “unicorn” status attributed to privately held startup companies valued above $1 billion.
The investment makes Interswitch one of the most valuable African financial technology businesses and Africa’s only current technology-industry unicorn, after previous Nigerian unicorn Jumia’s worth dropped below $1 billion in the months following an April initial public offering (IPO). Interswitch is still planning to pursue its own IPO, which is expected to occur in 2020.