Ace.ng raises $850,000 from Interswitch’s new $10m e-Payment Growth Fund

by | Feb 16, 2015

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

 

Odunayo Eweniyi
Odunayo Eweniyi

Woman in Tech. Taking the African tech space, one step after another.
Send tips, Press Releases and your thoughts to info@techpoint.ng.


Are you in tech and you are looking at getting a foreign remote job or you want to move abroad? Fill this form and you will get the BEST resources to help you get that high paying remote job as well as japa easily! WAGMI!

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Recent News

Kenya’s digital products for PwDs

Kenya’s digital products for PwDs

On #TechpointDigest, Victoria Fakiya (@latoria_ria) discusses what Jumia’s partnership with CGAP could mean, and Kenya’s digital products for people with disabilities.

Reclaiming stolen African artefacts

Reclaiming stolen African artefacts

On #TechpointDigest, Victoria Fakiya (@latoria_ria) discusses how Traction wants to stop fake alerts, Canza Finance’s journey, Esaal’s $1.7m seed round, and JABU’s $15m series A.

[PODCAST] Relooting African art with NFTs

[PODCAST] Relooting African art with NFTs

What do you think about an NFT project that wants to reclaim Africa’s lost artefacts? Well, the editorial team had some interesting thoughts, and you can listen to this and other stories on today’s episode of #TechpointAfricaPodcast.

$2 million to drive learning via WhatsApp 

$2 million to drive learning via WhatsApp 

On #TechpointDigest, we discuss how major players in the African mobility space can change the mobility narrative, FoondaMate’s $2 million funding, Twitter Create, and AMP’s $5.6 million seed round.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Blockchain Explorer

Analysis oninnovation, regulations, and trends inthe blockchain sector, as it concerns Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap