Interswitch Group CEO and co-founder, Mitchell Elegbe, confirmed the development in a statement on Friday, noting that the fund was to scale its platform across Africa.
According to Mitchell, the group is “excited to welcome LeapFrog and Tana on board, as we continue our work to advance the future of the African payments landscape.”
The fintech giant facilitates the electronic circulation of money as well as the exchange of value between individuals and organisations.
We gathered that the now 20-year-old fintech company was founded by Charles Ifedi and Mitchell Elegbe.
LeapFrog Investments’ Partner and Head of Africa Financial Services, Karima Ola, who spoke on the development, said:
“Interswitch, a pioneer in the African payments ecosystem, has been disrupting the cash economy, driving digital payments, and promoting equitable financial inclusion in Nigeria for two decades.
“This investment by LeapFrog affirms the formidable talent at Interswitch and how well-placed it is to seize the significant opportunity in Africa’s evolving digital payments landscape.”
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