Ex-Jumia MD Tunde Kehinde Closes $2.6m Investment From Interswitch’s $10million ePayment Fund

Ex-Jumia MD Tunde Kehinde Closes $2.6m Investment From Interswitch’s $10million ePayment Fund

ENTERPRISE54 – Following the announcement by Pan-African integrated payment company, Interswitch of its ePayment Growth Fund for the development of digital payment solutions across Africa, revelations have emerged that ‘Africa Courier Express’ (ACE), a Lagos-based pan-African ecommerce delivery firm is the first beneficiary for the catalyst fund. Formerly called A-Post, ACE was launched in November

ENTERPRISE54 – Following the announcement by Pan-African integrated payment company, Interswitch of its ePayment Growth Fund for the development of digital payment solutions across Africa, revelations have emerged that ‘Africa Courier Express’ (ACE), a Lagos-based pan-African ecommerce delivery firm is the first beneficiary for the catalyst fund.

Formerly called A-Post, ACE was launched in November 2013 by two former Jumia Africa top management staff – Tunde Kehinde and Ercin Eksin. The company has developed and rolled out a new cutting-edge technology to provide reliable third-party logistics, tracking and pay-on-delivery (cash and electronic) services for retail businesses in Nigeria.

An initial investment of $850,000 received from the Interswitch fund forms part of a $2.6 million funding that ACE is expected to use in the execution of its West Africa expansion plans. Since inception, ACE has established physical presence in 5 cities across Nigeria, has shipped to almost 100,000 customers, and is currently one of Nigeria’s largest e-commerce logistics management companies. The company has also been featured on CNBC Africa.

The Interswitch fund is intended to serve as a catalyst for funding innovation and disruptive businesses within the payment industry across Africa, and it would enable the company to collaborate with African entrepreneurs and start-up businesses developing innovative products and services.

According to Mitchele Elegbe, Interswitch Group Managing Director: “Interswitch is committed to encouraging innovative ideas and developing start-ups across Africa. We created the US$10 million e-payment growth fund to do just that, and it is with great excitement that today we can announce our first investment. ACE is exactly the sort of business we want to support: dynamic, energetic and dedicated to breaking barriers for e-commerce in the African market.”

 

Lara Sanni
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