The fund, which is intended to serve as a catalyst for funding innovation and disruptive businesses within the payment industry across Africa, would enable the company to collaborate with African entrepreneurs and start-up businesses developing in this sector, thisdaylive.com reports.
Interswitch made its first investment of USD 850,000, which is part of a USD 2.6 million funding into Africa Courier Express (ACE), formerly known as A-post, a Nigeria-based and Africa-focused technology driven ecommerce logistics and warehousing firm for execution of its West Africa expansion plans.
Launched in November 2013 by former Rocket Internet employees. TundeKehinde and ErcinEksin, ACE provides third-party logistics, tracking and pay-on-delivery (cash and electronic) services for retail businesses in Nigeria.
With distribution hubs already established in five major cities in Nigeria, including Lagos, Abuja, Port Harcourt, Ibadan and Abeokuta, and having shipped to almost 100,000 customers to date, the company’s focus is on facilitating technology-driven deliveries for retail companies (both online and brick-and-mortar stores).
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