This is a videocast supporting our proposal for Interswitch to buy Konga and Unity Bank in order to deepen its competitiveness through a well differentiated platform.
Interswitch has been heralded as a future unicorn, a private technology company with valuation of at least $1 billion, by TechCrunch. Then, it was expected that Interswitch would go public in the Nigerian Stock Exchange and London Stock Exchange, in 2016. That exit, through IPO, did not happen and it would be assumed that Helios was disappointed.
We propose for Interswitch to buy a bank and Konga. Together, both will provide growth drivers which will be catalytic. Public traded Unity Bank is worth about $31 million according to Bloomberg Markets. Interswitch could pay a premium and acquire it for $40 million; Konga is worth about $34 million.