Tech

MFS Africa Drives Expansion with $ 100 Million Funding

Africa’s largest digital payments network has raised $ 100 million in Series C equity and debt financing rounds.

Financing is a series Acquisition When investment At FinTech in Africa, the network continues to expand its hold across the continent.

PE Investor Afric Invest FIVE led the round in collaboration with MFS Africa’s new and existing investors Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest also joined the round as new investors, and ShoreCap III is back as an existing investor along with other funds. Debt lenders included Lendable and Norsad.

In a press release announcing the news, MFS Africa states that it plans to open additional regional offices in major African markets as well as offices in the United States and China. The new funding round will enable additional employment in Africa and around the world and will also be allocated for governance, risk and compliance functions, strengthening of the financial and liquidity pool, and continued investment in FinTech in Africa.

In recent years, in addition to relocating its headquarters from Mauritius to London, it has opened new offices in Abidjan, Kampala, Kinshasa, Nairobi and Lagos.

Today, MFS Africa’s hub connects more than 320 million mobile money wallets through networks with more than 180 mobile money schemes, banks, money transfer operators, and more than 250 global companies.

Dare Okoudjou, Founder and Chief Executive Officer of MFS Africa, said: […] This new funding round further demonstrates the scale of our commitment and ambition. For African and later clients, this is the choice they made to partner with us in building a network of networks that make instant cross-border payments as easy as making a phone call. It is also a verification. We look forward to working with them to expand and deepen their network. “

MFS Africa Drives Expansion with $ 100 Million Funding

Source link MFS Africa Drives Expansion with $ 100 Million Funding

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