Pan-African payments company Interswitch has launched a US$10 million ‘ePayment Growth Fund’, and made its first investment in Tunde Kehinde’s tech-driven courier company ACE.
Interswitch said the fund is intended to serve as a “catalyst for funding innovation and disruptive business concepts within the payment industry across Africa”.
The company is looking to collaborate with African entrepreneurs and startups that are developing innovative products that empower Africans to participate in emerging payment ecosystems.
The fund also announced its first investment, putting an initial US$850,000 into Africa Courier Express (ACE), formerly know as A-Post. The Nigerian startup was launched by former Jumia Nigeria managing director (MD) Tunde Kehinde, and is a technology-driven e-commerce logistics and warehousing firm.
“ACE has developed and rolled out a new cutting-edge technology to track, deliver and collect payments seamlessly for and on-behalf of its clients,” Interswitch said.
The investment will enable ACE to execute its West Africa expansion plans, with the potential to access additional funding, with the companies saying the investment represents the start of a new partnership model to deepen the e-commerce space across Africa.