MFS Africa Raises $100M in Extended Series C

Digital payments network MFS Africa raised $100 million in equity and debt funding led by Admaius Capital Partners in an extended Series C, bringing the round’s total to $200 million, according to a press release on Tuesday (June 14).

Additional investors included new backers Vitruvian Partners and AXA IM Alts, along with existing investors AfricInvest FIVE and CommerzVentures.

See also: MFS Africa CEO: Prepaid Cards Open World of Online Payments to Millions in Africa

Dare Okoudjou, founder and CEO of MFS Africa, said the extended Series C and the backing of top investors help support the company as it strives to make “borders matter less when it comes to payments.

“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,” Okoudjou said. “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.”

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The fresh capital will be used to help MFS Africa boost its expansion across Africa and into Asia through its team up with LUN Partners to enable cross-border digital payments between Africa and China. The new funds will also go towards integrating into the global digital payment ecosystem and furthering its growth plans for the BAXI network of merchants and agents in Nigeria and beyond, according to the release.

Stanbic IBTC Bank is teaming up with MFS Africa to “support the growth of the recently acquired BAXI network of merchants and agents in Nigeria.”

MFS Africa acquired BAXI in Nigeria following the first close of its Series C round in November. BAXI has received additional licenses from the Central Bank of Nigeria, including PSSP and PTSP licenses.

Read more: Payments Firm MFS Africa Buys US FinTech Global Technology Partners

The payments network acquired Global Technology Partners (GTP) last week to accelerate its offering of card connectivity to mobile money users.

“As an Africa-focused private equity house investing in high-impact sectors that drive social and economic transformation, our investment in MFS Africa is exactly what our existing investors are looking for, namely well-managed, fast-growing, market leaders empowering financial connectivity and inclusion across the African continent,” said Marlon Chigwende, managing partner of Admaius Capital Partners.