With the digital payments market taking off around the globe,It is being reported that Visa, the global card payments company, is engaged in negotiations that are at an advanced stage to acquire a stake in Nigeria's Interswitch, a company that is focussed on the digitization of payments in Nigeria and other African countries.
The deal is said to involve Visa paying $200 million to buy a 20% stake in Interswitch, taking the Nigerian FinTech company's valuation to $1 billion.It makes sense Visa wants to buy a stake in interswitch because the market potential is huge.
The negotiations between Visa and Interswitch come before the anticipated IPO (Initial Public Offering) of the FinTech giant on the London Stock Exchange in 2020. Both Interswitch and Visa have not responded to requests for confirmation and comment on the rumored deal at the time of publishing.
What makes the Interswitch potential IPO next year even more interesting, besides Visa looking to buy 20% of equity in the company, is that the FinTech company is already profitable.
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