Digital payment network firm raises $100m

MFS Africa, a digital payments network,  says it has raised $100m in series C funding.

The company said it raised the funding in an equity and debt financing round, adding that this followed a series of acquisitions and investments in other African fintechs, including Baxi in Nigeria.

It said in a statement that the funding round was led by AfricInvest FIVE and co-led by Goodwell Investments and LUN Partners Group.

The Founder and Chief Executive Officer, MFS Africa, Dare Okoudjou, said, “This round of funding marks the beginning of the next phase in our growth.

“We greatly appreciate the renewed and continued confidence in us by our longstanding investors, LUN Partners, Goodwell Investments, ShoreCap III and others. We are also delighted to welcome our new investors AfricInvest, CommerzVentures, Endeavor Catalyst and Endeavor Harvest on board.”

He said the new fundraising round further demonstrated the company’s commitment and the scale of its ambitions.

He said, “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.

“We look forward to continuing to work with them to expand and deepen that network in the years to come.”

According to the statement, the company wants to, through interoperability of payments schemes, make borders and currencies matter less.

The company added that over the last year, it had accelerated its expansion efforts across Africa.

It said this new funding round would be used to continue strengthening its governance, risks and compliance functions as well as its treasury and liquidity pool.

MFS Africa said it would continue to expand and invest in fintechs across the African payment ecosystem.

A Partner at AfricInvest FIVE, Julius Tichelaar, said, “MFS Africa provides broad access to a large range of payment services for individuals and companies on the African continent, including remittance and trade-related financial services.

“This resonates well with AfricInvest FIVE’s financial inclusion strategy. Cross-border payments remain an important challenge in many African markets today and MFS Africa is uniquely positioned to confront this. We are excited to join MFS Africa’s world-class management team on its mission and to support its growth journey.”

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