MFS Africa has raised $100-million through an equity and debt financing round. The fundraising marks another milestone in the digital payment gateway’s expansion, following a series of acquisitions and investments in other African fintechs, including the recently announced acquisition of Baxi in Nigeria.
AfricInvest FIVE co-led the round with existing investors Goodwell Investments, ShoreCap III, and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest also joined the round as new investors. Providers of debt financing included Lendable and Norsad.
The funding round offers the company closer links with EU financial institutions and helps strengthen the company’s financial services capabilities and offerings.
It will enable MFS Africa to hire additional talent in Africa and globally to support its exponential growth. Over the last year, it has accelerated its expansion efforts across Africa.
The company has opened new offices in Abidjan, Kampala, Kinshasa, Nairobi and Lagos,while establishing London as its new headquarters. MFS Africa recently signed an agreement to acquire Baxi, a leading super-agent in Nigeria, allowing regional payments into and from Nigeria.
It is obvious that the company is continuing to expand its network. There are plans to open additional regional offices in key African markets, as well as in the USA and China.