MFS Africa, one of the largest digital payment networks across the African region, announced yesterday that it has raised an additional $100 million worth of funding in equity and debt financing to facilitate its expansion plans.
MFS Africa announced the first closure of its Series C funding round in November 2021. The latest capital that was raised brings the total Series C funding to $200 million. Since November last year, the digital payment company has completed the acquisition of BAXI in Nigeria.
The fintech firm added that the funding will help the company to explore different growth opportunities in emerging markets across Africa and Asia. In Asia, MFS Africa will expand its presence through a joint venture with LUN Partners to enable cross-border digital payments between China and Africa.
"With this US$100 million extension of our Series C fundraise, we are thrilled to have the support of world-class investors Admaius, Vitruvian and AXA IM Alts, and for the continued support of existing investors, on our journey to making borders matter less when it comes to payments. The strength of our business model is grounded on building a lasting digital infrastructure that unleashes and simplifies economic activities across the continent through any-to-any interoperability. Our multiple initiatives and solutions are providing access to Africans, at home and in the diaspora,” Dare Okoudjou, the Founder and CEO of MFS Africa, said.
Africa’s Payment Landscape
Africa is home to some of the world’s fastest-growing economies. The demand for digital payments in the region has increased sharply in the past few years.
“As an Africa-focused private equity house investing in high-impact sectors that drive social and economic transformation, our investment in MFS Africa is exactly what our existing investors are looking for, namely well-managed, fast-growing, market leaders empowering financial connectivity and inclusion across the African continent,” Marlon Chigwende, the Managing Partner of Admaius Capital Partners, commented.
