Cross Switch and Equity Invest have acquired a 50% stake in Vantage Payment Systems. Financial details of the private transaction were not disclosed.
Vantage Payment Systems (VPS), is a leading Moroccan fintech providing simple and secure online payment solutions. Since its establishment in 2014, VPS has acquired in-depth expertise in local payment methods in Morocco and the technology required to support its business.
To meet the needs of its customers in the new digital age. VPS offers various multi-channel payment services to e-commerce merchants, e-Gov, and multiple customers in different sectors.
It owns the brands Payzone and Payexpress and also manages a number of prepaid card programs with different partners.
As part of the transaction, VPS has raised its capital to 10 Million Dhs, has nominated Mr Mustapha Badr Ezzaman as managing director and its founder, Mr. Ali Bettahi, as President of its board. VPS has also nominated a new board with different members from the fintech industry with deep international experience.
Cross Switch Luxembourg (CSL), led by Tim Davis, is a pan-African focused fintech with extensive knowledge and experience managing payment systems across emerging markets.
It has developed a state-of-the-art payments platform (CS+) and has acquired and established a number of African technology and payments businesses. CSL’s technology supports all payment methods utilised across the African continent.
Enabling local and international merchants to send and receive monies within local markets, across Africa and into and out of Africa. CSL has established in Benin, Egypt, Ghana, Kenya, Morocco, Nigeria and South Africa and is expanding rapidly across Africa through green field ventures, partnerships and acquisitions.
Equity Invest (EI), is a Morocco based technology holding company which invests in leaders in their respective sectors at the forefront of technology.
Providing innovative solutions to its clients from various sectors such as banking, industry, public institutions, defence, cities, and private companies.
EI remains a 50% shareholder of VPS. In addition to VPS, EI also owns significant interests in different technology companies in different sectors: Fintech, energy, security and IT, and digital services. EI was founded by Mr. Ali Bettahi in 2014, and has ambitions to become a leading technology operator in Africa.
Cross Switch and Equity Invest bring together decades of experience growing successful technology businesses, specifically in the financial technology sector.
With its new shareholders, Vantage Payment Systems will accelerate product innovation and enhance its customer-focused technological tools to provide its merchants with the best payment services in Morocco.
“The partnership with Cross Switch will allow VPS to accelerate its development in Morocco and in other countries in Africa.
Cross Switch brings us great knowledge of the international fintech space and provides us with very advanced technology.
We look forward to building on the momentum we have established already and to great successes in bringing more value to our merchants, local and international customers” said Ali Bettahi, CEO of Equity Invest.
“We are excited to partner with Equity Invest for the next step of the Vantage Payment Systems journey. Sharing a common set of values and a common mission to democratise technology and drive social impact across Africa.
With their exceptional team, customer focus and proven ability to provide value-add solutions in the Moroccan payment sectors, we believe Vantage Payment Systems has every ingredient for continued success. “ said Tim Davis, CEO of Cross Switch.
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