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MFS Africa bolsters expansion with $100m fundraise

MFS Africa bolsters expansion with $100m fundraise

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

The financing follows a series of acquisitions and investments in African fintechs, as the network continues to expand its hold across the continent.

PE investor AfricInvest FIVE is a new investor in MFS Africa, and co-led the round alongside existing investors Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest also joined the round as new investors, while ShoreCap III returned as an existing investor with other funds. Providers of debt financing included Lendable and Norsad.

In a press release announcing the news, MFS Africa states that alongside opening additional regional offices in key African markets, it is also planning to open offices in the US and China. The new funding round will enable additional hires in Africa and globally, and will also be allocated to strengthening Governance, Risks and Compliance functions, treasury and liquidity pool, and continued investment in African fintechs.

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

Today, MFS Africa’s hub connects over 320 million mobile money wallets, through a network with over 180 mobile money schemes, banks, money transfer operators, and over 250 global enterprises.

Dare Okoudjou, founder and CEO of MFS Africa, said: “This round of funding marks the beginning of the next phase in our growth […] This new fundraising round 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. We look forward to continuing to work with them to expand and deepen that network in the years to come.”

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