MFS Africa Lands US$100 Million in Series C Financing Round

Fazzaco learned that MFS Africa, Africa’s largest digital payments network, has secured US$100 million in an equity and debt financing round, which marks another milestone in the firm’s expansion, following a series of acquisitions and investments in other African fintechs, including the recently announced acquisition of Baxi in Nigeria.

According to the official press release, the latest round was co-led by the new investor AfricInvest FIVE and the existing investors Goodwell Investments and LUN Partners Group. Other new participants included CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, while ShoreCap III returned as an existing investor with other funds. Providers of debt financing included Lendable and Norsad.

MFS Africa is dedicated to making borders matter less, which it enables through interoperability across payments schemes, borders and currencies. It has opened new offices in Abidjan, Kampala, Kinshasa, Nairobi and Lagos, in addition to establishing London as its new headquarters.

With the new capital, the company is continuing to expand its network and will launch additional regional offices in key African markets, as well as in the USA and China. Moreover, the fund will allow it to hire additional talent in Africa and globally to support its exponential growth.

Additionally, part of the new funding has been earmarked to continue strengthening the company’s Governance, Risks and Compliance (GRC) functions as well as its treasury and liquidity pool. MFS Africa will be continuing to invest in fintechs across the African payment ecosystem.