back Back

Cross Switch buys 50% stake in FinTech Vantage Payment Systems

By Gloria Methri

February 20, 2023

  • Africa
  • Cross Switch
  • FinTech
Share

Cross Switch, Ghana, FinTech, Africa, PaymentsGhana-based FinTech Cross Switch has acquired a 50% stake in payment solution provider Vantage Payment Systems (VPS).

VPS is a Moroccan FinTech providing simple and secure online payment solutions. Since its establishment in 2014, the company has acquired expertise in local payment methods in Morocco and the technology required to support its business. It offers various multi-channel payment services to e-commerce merchants, e-Gov, and multiple customers in different sectors.

As part of the transaction, VPS has raised its capital to 10 million Dhs, nominated Mustapha Badr Ezzaman as managing director, and its founder Ali Bettahi as President of the board.

Cross Switch Luxembourg (CSL), led by Tim Davis, is a pan-African-focused FinTech with extensive knowledge and experience managing payment systems across emerging markets. It has developed a payments platform CS+ and has acquired and established a few African technology and payments businesses.

Equity Invest (EI) is a Morocco-based technology holding company that owns the remaining 50% shares of VPS. Founded by Ali Bettahi in 2014, EI provides innovative solutions to its clients from various sectors such as banking, industry, public institutions, defense, cities, and private companies.

With its new shareholders, Vantage Payment Systems will accelerate product innovation and enhance its customer-focused technological tools to provide its merchants with the best payment services in Morocco.

“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,” 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. 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,” added Tim Davis, CEO of Cross Switch.

Previous Article

February 20, 2023

Mashreq launches community-based banking product, Neo Groups

Read More
Next Article

February 20, 2023

APEXX Global and Trustly partner for modernised recurring payments

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Africa

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023