Integrated payment company, Interswitch has announced the launch of a new $10 million ‘ePayment Growth Fund’. The fund is set up as a catalyst for funding innovation and disruptive business concepts within the payment industry across Africa; and the company is seeking to collaborate with African entrepreneurs and start-up businesses developing innovative products and services that empower Africans to participate in the emerging payment ecosystems currently transforming business on the continent.
The fund has made its first investment of $850,000 in ‘Africa Courier Express’ (ACE), formerly A-Post, a Nigeria-based and Africa focused technology driven e-commerce logistics and warehousing firm. ACE developed and rolled out a new cutting-edge technology to track, deliver and collect payments seamlessly for and on-behalf of its clients.
ACE will receive an initial investment of from the Interswitch ePayment Growth Fund to enable management execute its West Africa expansion plans with the potential to access additional funding. The investment by Interswitch represents the start of a new partnership model to deepen the ecommerce space across Africa.
Launched in November 2013 by Tunde Kehinde and Ercin Eksin, ACE currently provides reliable third-party logistics, tracking and pay-on-delivery (cash and electronic) services for retail businesses in Nigeria. Since launch, ACE has established physical presence in 5 cities across Nigeria, has shipped to almost 100,000 customers, and is currently supporting a number of blue chip clients and is experiencing growing demand for its services across several sectors.
Read Our Interview with ACE Founders
Nigerian startups raised a total funding of $9.2 million in Q1 2018. Download our report to find out more.