Interswitch has declared the launch of ‘ePayment Growth Fund’ worth $10 million.
Interswitch Limited is an integrated payment and transaction processing company, which offers advisory services, transaction processing, technology integration, and payment infrastructure to corporate organizations, banks and governments.
The ePayment Growth Fund is expected to serve as a facilitator for disruptive business concepts and funding innovation within the payment industry all over Africa.
The fund has made its initial investment in ‘Africa Courier Express’ (ACE), an African focused technology motivated ecommerce logistics and warehouse firm.
The investment is an indication that Interswitch has initiated its new partnership model to expand the ecommerce space all over Africa.
The company will be given a first investment of $850,000 from the Interswitch ePayment Growth Fund to aid the management of ACE to perform its West African development plans with the possibility to access more funding.
Interswitch is in quest of a collaboration with African industrialists and start-up businesses producing innovative products and services that drive Africans to take part in the payment systems presently transforming businesses on the continent.
African Courier Express (ACE) was launched in November 2013 by Ercin Eksin and Tunde Kehinde, two knowledgeable experts with strong market experience in managing successful logistics and retail businesses in developing markets.
Currently, ACE has advanced and created a new radical technology to trail, convey and collect payments impeccably for and on-behalf of its clients.
ACE offers dependable tracking, third party logistics and pay-on-delivery facilities for sales businesses in Nigeria.
Ercin Eksin and Tunde Kehinde, founders of ACE, said that they are pleased and much honored to be selected as the initial investment from the Interswitch ePayment Growth Fund.
“This new capital provided through our partnership with Interswitch, and which is part of a larger $2.6 million funding, will enable us to accelerate our expansion through Nigeria and beyond into West Africa,” added the two founders of ACE.
Group Managing Director of Interswitch, Mitchell Elegbe said that the Interswitch is dedicated to developing start-ups and encouraging innovative ideas all over Africa.
Explaining initial investment on ACE, Mitchell Elegbe noted the ACE is exactly the type of business they want to support: dedicated, dynamic and energetic to breaking barriers for e-commerce in the African market, following the creating of the $10 million ePayment Growth Fund.
Ever since its inception, ACE has shipped to almost 100,000 customers, created physical presence in 5 cities all over Nigeria and currently stands as one of the leading e-commerce logistics management companies in Nigeria.
ACE has a superlative IT backbone infrastructure to support transparent tracking of packages, hubs in major cities all over Nigeria, hired knowledgeable logistics staff and anchor clients to manage its business.
ACE is currently experiencing an increasing demand for its service and supporting a number of blue chip clients across several sectors.
