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In Brief: Nigerian-based Payment Firm Interswitch Planning US$1.5B IPO

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In Brief: Nigerian-based Payment Firm Interswitch Planning US$1.5B IPO

Interswitch, a Nigerian-based payment firm is planning an initial public offering listing in London and Lagos stock markets.

According to a report on Bloomberg, the financial technology company has hired JPMorgan Chase & Co., Citigroup Inc. and Standard Bank Group Ltd to work on the IPO that may value the company between US$1.3 billion and US$1.5 billion.

In 2016, the company suspended its planned US$1 billion which was attributed to potential weakness in Naira and shortage of foreign currency.

Read: In Brief: Nigeria-based Currency Marketplace Startup VertoFX Raises US$2.1M Led by Accelerated Digital Ventures

Founded in 2001 by Mitchell Elegbe, Interswitch provides integrated digital payments solutions across Africa. The company uses a ‘switching’ infrastructure to connect different banks in Nigeria and provides technology for ATM cards. The company has over 11,000 ATMs on its network.

In 2010, private equity firm Helios Investment Partners bought more than 60 per cent stake of the company.

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