Cross Switch acquires 50% stake in Morocco's Vantage Payment Systems
Vantage Payment Systems, Cross Switch and Equity Invest have announced that Cross Switch has acquired a 50% stake in Vantage Payment Systems. However, the financial details of the private transaction were not disclosed.
Vantage Payment Systems (VPS) is a Moroccan fintech that offers secure online payment solutions, catering to the needs of its customers in the new digital age. VPS offers multi-channel payment services to e-commerce merchants, e-government and customers in different sectors. It owns the brands Payzone and Payexpress and manages various prepaid card programmes with different partners.
Cross Switch Luxembourg (CSL), led by Tim Davis, is a pan-African focused fintech that manages payment systems across emerging markets. CSL has developed a state-of-the-art payments platform (CS+) and acquired and established numerous African technology and payments businesses. CSL’s technology supports all payment methods utilised across the African continent, enabling local and international merchants to send and receive money within local markets, across Africa and into and out of Africa. CSL has operations in Benin, Egypt, Ghana, Kenya, Morocco, Nigeria, and South Africa and is expanding rapidly across Africa through greenfield ventures, partnerships and acquisitions.
Equity Invest (EI) is a Morocco-based technology holding company that invests in leaders in their respective sectors at the forefront of technology. EI remains a 50% shareholder of VPS and owns significant interests in different technology companies in various sectors, including fintech, energy, security and IT and digital services.
“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. We look forward to building on the momentum we have established already and to great successes in bringing more value to our merchants, local and international customers,” said Ali Bettahi, CEO of Equity Invest.
“We are excited to partner with Equity Invest for the next step of the Vantage Payment Systems journey. Sharing a common set of values and a common mission to democratise technology and drive social impact across Africa. With their exceptional team, 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,” said Tim Davis, CEO of Cross Switch.