MFS Africa extends its Series C round to $200m

MFS Africa, the continent’s largest digital payments network, bagged an extra $100 million in equity and debt funding led by Admaius Capital Partners.

Dare Okoudjou, founder and CEO, MFS Africa

With the additional funding, the total Series C funding round stands at $200 million.

New investors Vitruvian Partners and AXA IM Alts joined the extension, alongside existing investors AfricInvest FIVE and CommerzVentures, who re-invested.

Previous other investors include LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, Ulme BV and Vlemeij BV.

MFS Africa says the new infusion of capital will help accelerate its expansion across Africa and expand into Asia through its joint venture with LUN Partners for cross-border payments between Africa and China.

Stanbic IBTC Bank and Symbiotic provided debt financing. Stanbic IBTC Bank will partner with MFS Africa to support growth of the recently acquired BAXI network of merchants and agents in Nigeria.

The pan-African payments gateway raised $100 million in the first half of its Series C round in November 2021.

Last week, MFS Africa acquired Global Technology Partners (GTP), a US-based paytech, with the intention to leverage its North American network and “deepen its offering to Africa’s gig economy”.

“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,” says Dare Okoudjou, founder and CEO of MFS Africa.

“Our multiple initiatives and solutions are providing access to Africans, at home and in the diaspora.

“We are building MFS Africa into a safe, sound, scalable and high impact pan-African payment infrastructure that will facilitate Africa’s rapidly growing commerce, both now and in the future,” he adds.

FT Partners served as a financial and strategic advisor to MFS Africa in the Series C raise.