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Saturday, December 4, 2021

Nw: MFS Africa raises $100m to continue expanding its digital payments network

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MFS Africa, Africa’s finest digital payments network, has raised a $100 million Sequence C funding, an investment divided into two commitments: $70 million for equity and $30 million for debt financing .

The investment used to be co-led by AfricInvest FIVE and two present buyers, Goodwell Investments and LUN Partners Neighborhood. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, and ShoreCap III also participated in the spherical.

The announcement came a few weeks after the company extended its footprint into the Nigeria market by shopping Baxi, one among Nigeria’s finest digital solutions and distribution companies, from Capricorn Digital.

Founded by Dare Okoudjou in 2009, MFS connects more than 320 million cell money wallets across over 35 African countries. It provides other monetary products and providers cherish bank accounts and prepaid and virtual debit cards issuance.

The corporate plans to make exhaust of the brand new investment to hire more worldwide talent, vitality its governance, Risks and Compliance (GRC) functions, and ramp up its growth efforts. It also plans to make investments in other African tech startups.

Speaking on their investment in MFS, Julius Tichelaar, a companion at AfricInvest FIVE, said “… Sinful border payments live the principle challenge in many African markets at the moment and MFS Africa is uniquely positioned to confront this. We’re angry to affix MFS Africa’s world-class management team on its mission and to make stronger its tell skedaddle.”

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