MFS Africa raises $100 million in Series C funding to boost digital drive
Pan-African payments gateway MFS Africa has landed $100 million in a Series C funding round led by AfricInvest Five, Goodwell Investments, and LUN Partners.
Among a handful of new investors in MFS Africa are CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, and Endeavor Harvest.
MFS Africa, founded in 2009, claims connection to more than 320 million mobile wallets across Africa through its APIs.
It says it has a presence in more than 35 African countries and 700 payment corridors, and offers accounts, prepaid cards, and virtual products.
The firm has used a proactive acquisition strategy to break into new regions in the continent. These include agent banking platforms Baxi and Capricorn.
In mid-2020, the fintech bought up Beyonic, an enterprise digital payments solution for small and medium-sized enterprises (SMEs) operating in Ghana, Uganda, Tanzania, Kenya and Rwanda.
The acquisition saw MFS expand its offering to SMEs across the continent, having previously focused on consumers.