FinTech: MFS Africa Raises $100M To Make Payments As Easy As Calls
MFS Africa is Africa’s largest digital payments network.
MFS Africa announced today its $100 million Series C fundraising for a massive expansion across Africa. The funding, a mix of $70 million in equity and $30 million in debt, was co-led by private equity fund and new investor AfricInvest along with existing investors Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest were other new investors participating in the funding, with ShoreCap III returning as an existing investor with other funds. (MFS Africa)
The debt portion was financed by Lendable and Norsad, among others.
Use of funds
The funding comes after a hectic period during which MFS Africa launched a series of acquisitions and investments in other African fintechs, including its buyout of Baxi in Nigeria. Baxi is a leading super-agent in Nigeria, and MFS plans to build Baxi into a key node, allowing regional payments into and from Nigeria.
MFS Africa will use the new funds to open additional regional offices in key African markets, as well as in the USA and China. It also intends to hire more talent in Africa and globally to underpin its rapid growth plans. A key investment will be to strengthen its Governance, Risk and Compliance functions and to boost its pool of treasury and liquid funds.
It also intends to keep an eye open for acquisition opportunities among African payment fintechs.
Payments, as easy as making a call
Dare Okoudjou, Founder and CEO, said: “This round of funding marks the beginning of the next phase in our growth…(and)..further demonstrates our commitment and the scale of our ambitions. For our clients across Africa and beyond, this is also a validation of the choice they have made to partner with us in building a network of networks that make instant cross-border payments as simple as making a phone call.”
MFS Africa’s payments hub currently connects over 320 million mobile money wallets. The company’s network of over 180 mobile money schemes, banks, money transfer operators, and over 250 global enterprises makes payments easy for millions of Africans.
Image Source: MFS Africa (YouTube)
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