Last updated on July 15th, 2020 at 11:45 am
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E-Payments Giant in Nigeria, Interswitch have announced the listing of its ₦23billion Bond on the Nigerian Stock Exchange (NSE), ahead of its upcoming could be blockchain powered Initial Public Offering (IPO).
The bond is an issued debt with an agreement to be paid in fixed interest rate of 15 percent which will run for a period of seven years.
Following the list of Interswitch Blockchain’s bond, the Group Managing Director/Founder Interswitch Limited, Mr Mitchell Elegbe, expressing his delight on the company’s effort in raising funds says;
“We are delighted with the outcome of our capital raising efforts. We have evolved over the past 17 years into a technology unicorn focused on providing digital solutions to customers in Nigeria and across Africa. We, therefore, see this listing as the first step in a new phase of our journey and we are determined to keep going.”Mr Mitchell Elegbe, the Group Managing Director/Founder Interswitch Limited.
See Also: Interswitch Blockchain Service and Payments Provider Extends its Services to United Arab Emirates.
Moreover, around October 2019, Interswitch Blockchain announced raising ₦23 billion ($63.3 million) in debt-financing, through bond placement with the Securities and Exchange Commission of Nigeria (SEC).
Also, Interswitch Blockchain received a significant venture capital of $200 million from Visa in return for a 20% stake. This investment from Visa increased Interswitch to no less than $1 billion in value, confirming its unicorn status.
Meanwhile, with the new Interswitch bond listing at the NSE, there is still no clear indication if the company still plans on putting up its expected IPO on the Blockchain. Maybe it would be opting for its bond listing as an alternative.
About Interswitch Blockchain Service:
Interswitch partnered with Microsoft Azure Blockchain to provide a scalable platform for blockchain based applications. The Interswitch blockchain services will support decentralized applications.
Moreover, transaction enquiries and verifications will be controlled by authorized officials from participating parties, with no incentive of any cryptocurrency.