Cross Switch acquires 50% stake in FinTech Vantage Payment Systems

By Gloria Methri

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

VPS is a Moroccan FinTech that offers 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 sellers, e-Gov, and several customers in different sectors.

As part of the transaction, VPS has raised its capital to Dhs10 million, nominated Mustapha Badr Ezzaman as CEO and founder Ali Bettahi as chairman.

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

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

With its new shareholders, Vantage Payment Systems will accelerate product innovation and improve 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 development in Morocco and in other countries in Africa. Cross Switch gives us great knowledge of the international FinTech area and provides us with very advanced technology,” said Ali Bettahi, CEO of Equity Invest.

“We are delighted to partner with Equity Invest for the next stage of the Vantage Payment Systems journey. With their exceptional team, customer focus and proven ability to provide value-added solutions in the Moroccan payment sectors, we believe that Vantage Payment Systems has all the ingredients for continued success,” added Tim Davis, CEO of Cross Switch.