Join on WhatsApp
Join on Telegram
Rabat – Pan-African payment company, Cross Switch, acquired a 50% stake in Moroccan fintech company Vantage Payment Systems (VPS).
VPS is a Casablanca-based company, specializing in the development of payment solutions that integrate technology known as fintech.
Through the deal, Vantage Payment Systems (VPS) aims to scale up its presence of its services in Morocco and across Africa.
After closing the deal, Equity Invest, a Morocco-based holding company and parent company of VPS, will retain 50% shares in the fintech company.
Founded in 2013, VPS provides secure online payment solutions. Its services include local payment methods for Morocco and a number of multi-channel payment services.
“We are excited to partner with Equity Invest for the next step of the Vantage Payment Systems journey,” Cross Switch CEO Tim Davis said. “Sharing a common set of values and a common mission to democratize technology and drive social impact across Africa.”
Noting the company’s Africa expansion ambitions, the CEO added: “With their exceptional team [Cross Switch], 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.”
For his part, Equity Invest CEO Ali Bettahi said that “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,” he explained, adding that his company would be looking forward to building on VPS’s momentum.
Cross Switch Luxembourg is an Africa-focused fintech that provides digital payment solutions for local and international merchants to send and receive money.
