The economic results of COVID-19 could delay Africa’s next big IPO– that of Nigerian fintech unicorn Interswitch.
If so, it would not be the first time the Lagos-based payments business’s plans for going public were held off; the tech world has actually been expecting Interswitch’s stock exchange debut because 2016.
For the continent’s innovation ecosystem, there’s a lot riding on the digital finance business’s IPO. After e-commerce endeavor Jumia, it would become just the 2nd listing of a VC-backed African tech company on a significant exchange. And Interswitch’s stock market launching– when it takes place– could bring more financier attention and less debate to the area’s start-up scene.
What is Interswitch?
TechCrunch reached out to Interswitch on the window for listing, however the business decreased to comment. The tech company’s path from startup to IPO aspirant traces back to the vision of creator Mitchell Elegbe, a Nigerian electrical engineering graduate whose whole career has basically been Interswitch.
Africa’s tech scene is still fairly young, but it does have a timeline with numerous definitive points. An early one would be the success of mobile cash in East Africa, with the launch of Safaricom’s M-Pesa in 2007. Another is the noteworthy wave of VC-backed startups and creators that released around 2010.