Cross Switch buys 50% stake in FinTech Vantage Payment Systems

By Gloria Methri

Ghana-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.