• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

MFS Africa Is Looking To Expand Its Digital Payments Gateway Across Africa With New $100 Million Fundraise

Ibhadojemu Sunday by Ibhadojemu Sunday
November 10, 2021
in Uncategorised
Share on FacebookShare on Twitter

Africa’s largest digital payments network, MFS Africa, has raised $100 million in a new Series C funding round—split between $70 million equity and $30 million debt. The round was co-led by Private equity fund AfricInvest FIVE, Goodwell Investments and LUN Partners Group. The round also saw participation from new investors CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, and Endeavor Harvest.

Founded in 2009, MFS Africa seamlessly links mobile money users and service providers, providing access to simple, secure, affordable and compliant mobile financial solutions for all. The company currently connects more than 320 million mobile money wallets across more than 35 African countries. It also covers a broad range of financial services around bank accounts, prepaid cards and virtual debit cards.

The latest fundraise is applaudable, but little when compared with MFS Africa’s previous endeavours. This past year, the London-based startup has made a series of impressive acquisitions and investments. Notable among these is its acquisition of Nigeria’s Baxi, an agent banking platform developed by Capricorn Digital. This acquisition gives MFS Africa access into Africa’s largest market—a market which the company had been eyeing for quite some time. Additionally, it opens the company to a sophisticated agent network unseen in other African markets, according to MFS Africa’s Chief Executive Officer, Dare Okoudjou.

In June last year, the company also fully acquired Beyonic, an Uganda-based digital payments company for small and medium-sized businesses. Coupled with its acquisition of Baxi, and minority stakes in smaller fintechs such as Julaya, Maviance, Numida, and Akorion, MFS Africa has strategically used its investment and acquisitions to exert its influence across the continent—methods Dare Okoudjou describes as “inorganic growth”.

Julius Tichelaar, a partner at AfricInvest FIVE, said in a statement that his firm led the round because MFS Africa’s broad range of financial and payments services resonates 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,” he said.

MFS Africa intends to use the fresh capital to intensify its expansion efforts and establish more regional offices across Africa, the United States, and China. The company said that it is currently working on setting interoperability between payment networks in China and Africa, starting from Nigeria before spreading to other markets. According to sources, the timeline for rollout might be next year.

While facilitating payments from Africa to China might be outside the purview of MFS Africa’s holistic pan-African payments approach, the opportunity is one that is good to ignore, as China-Africa bilateral trade is one of the fastest-growing corridors globally, with a value topping $192 billion in 2019.

MFS Africa will also use part of the funding to bolster its Governance, Risks and Compliance (GRC) functions and treasury and liquidity pool. It also plans to hire more talent within and outside the continent and continue investing in other African tech startups.

Related Posts:

  • Digital Payments Network MFS Africa Raises…
  • Untitled-design-16
    Payments Platform MFS Africa Raises Additional $100m…
  • African-Startups
    African Startups That Have Raised Money This Year
  • Senegal's Wave Receives €90 Million Investment From…
  • moniepoint (1)
    Moniepoint Achieves Unicorn Status After Bagging…
  • Nigeria's Klasha Gets $2.1 Million In Additional Seed Funding To Scale Its Products For Cross-border Commerce In Africa
    Nigeria's Klasha Gets $2.1 Million In Additional…
  • Health-tech startup CarePoint Secures $10 Million In Funding To Scale Operations Across Africa
    Health-tech startup CarePoint Secures $10 Million In…
  • Kenya's Bamba Raises $3.2 Million In Seed Funding To…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Sunday

Ibhadojemu Sunday

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Truecaller Filters Verified Business Messages May 12, 2025
    • ChatGPT Deep Research Now Links to GitHub Repos May 12, 2025
    • Microsoft Offers Guide to Fix Windows Blue Screen Errors May 12, 2025
    • We’ve Invested $10b in Nigeria so Far – MTN May 12, 2025
    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3 May 11, 2025
    • Google’s Antitrust Showdown, AI vs. Search, and other Headlines May 11, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (498) android (367) app (717) Apple (577) artificial intelligence (419) business (482) china (132) cryptocurrency (210) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (710) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Truecaller Filters Verified Business Messages

    Truecaller Filters Verified Business Messages

    May 12, 2025
    ChatGPT Deep Research Now Links to GitHub Repos

    ChatGPT Deep Research Now Links to GitHub Repos

    May 12, 2025
    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    May 12, 2025
    The NCC Commissioned MTNN To Lease Spectrums From NTEL And Renew Its 3G Spectrum

    We’ve Invested $10b in Nigeria so Far – MTN

    May 12, 2025
    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3

    May 11, 2025
    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    May 11, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok