The financial terms of the transaction were not disclosed. Following the deal, Helios Investment Partners will remain the majority shareholder of Interswitch.
In conjunction with the investment, Naveen Wadhera, a Managing Director at TA Associates, and Ajit Nedungadi, a Managing Partner at TA Associates, will also join the Interswitch Board of Directors.
The company intends to use the funds to continue to expand its business.
Founded in 2002 by Mitchell Elegbe, Managing Director, Interswitch owns and operates Nigeria’s principal domestic debit card scheme, called Verve, and serves as a third-party transaction processor for large banks. In addition, the company offers a number of B2B electronic payment services to public and private sector organizations and businesses, including government entities, hospitals, telecommunications companies and utilities, and also operates Quickteller, a B2C bill payments and digital commerce platform in Nigeria.
Through add-on acquisitions, Interswitch also operates in Gambia, Kenya and Uganda.