Business

MFS Africa Raises Additional $100Million in its Series C Funding

MFS Africa, Africa’s largest digital payments network, has secured an additional $100 million in equity and debt funding, taking the total amount raised in its series C to $200 million.

The extended funding was led by Admaius Capital Partners, Vitruvian Partners, AXA IM Alts, AfricInvest FIVE and CommerzVentures, LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, Ulme B.V., and Vlemeij B.V.

The new funding will accelerate MFS Africa’s expansion plans across Africa, its integration into the global digital payment ecosystem, its expansion into Asia through its joint venture with LUN Partners to enable cross-border digital payments between Africa and China, and its ambitious growth plans for the BAXI network of merchants and agents in Nigeria and beyond.

Since the first close of its Series C fundraise back in November 2021, MFS Africa has completed its acquisition of BAXI in Nigeria. BAXI has since received additional licenses from the Central Bank of Nigeria, including PSSP and PTSP licenses.

Last week, MFS Africa announced its acquisition of Global Technology Partners (GTP) which will accelerate its offering of card connectivity to mobile money users.

See Also:

AfricInvest Raises $411 Million for Investments in Africa


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