TechBookyBusiness
No Result
View All Result
Sunday, June 26, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Funding

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

Ibhadojemu Sunday Oseyemere by Ibhadojemu Sunday Oseyemere
November 10, 2021
in Funding
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.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Digital Payments Network MFS Africa Raises Additional $100 Million In Series C Round, Total Funding Now $200 Million
    Digital Payments Network MFS Africa Raises Additional $100…
  • Ozow, a South African Payments Startup Secures $48 Million In Recently-concluded Series B Round Led By China’s Tencent
    Ozow, a South African Payments Startup Secures $48 Million…
  • Mastercard To Invest $100 million In Airtel Africa’s Mobile Money Unit
    Mastercard To Invest $100 million In Airtel Africa’s Mobile…
  • Mobiz, A South African Mobile Marketing Startup, Raises $4 Million in Pre-Series A Round To Expand Into The US Market
    Mobiz, A South African Mobile Marketing Startup, Raises $4…
  • TradeDepot Plans To Extend BNPL Services To Merchants Across Africa After Securing $110 Million from IFC And Others
    TradeDepot Plans To Extend BNPL Services To Merchants Across…
  • Kenyan Agritech Twiga Raises $50 Million, Plans To Increase The Availability Of Food Solutions Across Africa
    Kenyan Agritech Twiga Raises $50 Million, Plans To Increase…
  • PawaPay Secures $9m In A Seed Round Participated By MSA, UK-based Investment Firm 88mph And Mr. Eazi-owned Zagadat Capital
    PawaPay Secures $9m In A Seed Round Participated By MSA,…
  • With $105 Million From Its Series A2 Financing Round, Moove Wants To Spread Its Vehicle Financing Product Across Asia, Europe And The MENA Region
    With $105 Million From Its Series A2 Financing Round, Moove…
Tags: africaFundingMFS AfricaStartup
Previous Post

The Nigeria Startup Bill: Everything You Need To Know And How It Could Send Nigeria’s Digital Economy Flying Through The Roof

Next Post

Google Loses Antitrust Battle With The European Union

Next Post
Google Loses Antitrust Battle With The European Union

Google Loses Antitrust Battle With The European Union

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Fintech Playter Secures $55 million to scale its BNPL offering for SMEs
  • Payment Startup SumUp Gets $624 Million In Funding At A New Valuation Of $8.5 Billion
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • Big Data Startup Zenysis Gets $13.3 Million In Series B Funding, To Scale Its Platform Across Africa And Others
  • Raba Partnership Leads API Startup Connecting African Businesses Thepeer’s $2.1 Million Seed Funding Round

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Fintech Playter Secures $55 million to scale its BNPL offering for SMEs
  • Payment Startup SumUp Gets $624 Million In Funding At A New Valuation Of $8.5 Billion
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • Big Data Startup Zenysis Gets $13.3 Million In Series B Funding, To Scale Its Platform Across Africa And Others
  • Raba Partnership Leads API Startup Connecting African Businesses Thepeer’s $2.1 Million Seed Funding Round
  • Nigeria’s Healthtracka Raises $1.5 Million In Seed Funding

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$21,370.001.36%
  • ethereumEthereum(ETH)$1,227.402.86%
  • tetherTether(USDT)$1.000.05%
  • usd-coinUSD Coin(USDC)$1.000.04%
  • binancecoinBNB(BNB)$239.443.01%
  • rippleXRP(XRP)$0.3663462.75%
  • Binance USDBinance USD(BUSD)$1.00-0.07%
  • cardanoCardano(ADA)$0.515.64%
  • SolanaSolana(SOL)$40.711.88%
  • dogecoinDogecoin(DOGE)$0.07407212.14%
  • polkadotPolkadot(DOT)$8.122.95%
  • Shiba InuShiba Inu(SHIB)$0.0000123.61%
  • AvalancheAvalanche(AVAX)$20.883.96%
  • matic-networkPolygon(MATIC)$0.593.68%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....