E-payment processing company, Interswitch has launched a $10 million dollars for e-payment startups.
According to a report by Daily Post, Interswitch intends for the fund to help jump start disruptive business concepts by startups that play in Africa’s payments space.
The first chunk of the fund, $850,000, has gone to African Courier Express, a Nigeria-based ecommerce logistics company. Other beneficiaries will be revealed as the fund is dispersed.
Mitchell Elegbe, Group Managing Director of Interswitch said, “Interswitch is committed to encouraging innovative ideas and developing start-ups across Africa. We created the US$10 million e-payment growth fund to do just that.”
In 2014, Interswitch invested in MEST’s entrepreneurial residence programme, allowing Nigerian entrepreneurs to participate, and signalling the company’s intention to be directly involved with the startup ecosystem in ways that enhance its longterm business objectives. In related developments, the company is also hoping to smooth its historically prickly relationship with developers and online merchants by upgrading its payments technology.