MFS Africa bolsters expansion with $100m fundraise

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

Financial support follows a series of sales and investments in Africa fintech, as the network continues to grow across the continent.

PE AfricInvest FIVE Investor is a new founder at MFS Africa and has led this journey with investors including Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, and Endeavor Harvest joined the circle as new investors, but ShoreCap III returned as an existing investor with other investors. Debts included Lendable and Norad.

In a news release, MFS Africa stated that, in addition to opening more regional offices in major African markets, they planned to open offices in the United States and China. The new financial opportunity will allow for more workers in Africa and around the world, as well as focus on strengthening governance, job risks and stability, security and water, and continuing to invest in African fintech.

In recent years the company has opened new offices in Abidjan, Kampala, Kinshasa, Nairobi, and Lagos, as well as relocating its offices from Mauritius to London.

Today, MFS Africa connects more than $ 320 million, through more than 180 million mobile phones, banks, financial institutions, and more than 250 million businesses worldwide.

Dare Okoudjou, founder and CEO of MFS Africa, said: “This financial crisis marks the beginning of another phase of our growth […] for our clients in Africa and abroad, evidence of this.

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