MFS AFRICA ANNOUNCES THE EXTENSION OF ITS SERIES C

Picture courtesy of MFS Africa

MFS Africa, a digital funds community, has introduced that it has secured an extra US$100 million in fairness and debt funding led by Admaius Capital Companions, taking the overall quantity raised within the sequence to US$200 million. New buyers, Vitruvian Companions and AXA IM Alts joined the extension, alongside current buyers, AfricInvest FIVE and CommerzVentures, who re-invested within the extension. Earlier different buyers embrace LUN Companions Group, Goodwell Investments, Allan Grey Ventures, Endeavor Catalyst, and Endeavor Harvest, Equator Capital Companions, Ulme B.V., and Vlemeij B.V.

The brand new funding will additional speed up MFS Africa’s enlargement plans throughout Africa, its integration into the worldwide digital fee ecosystem, its enlargement into Asia by its three way partnership with LUN Companions to allow cross-border digital funds between Africa and China, and its bold development plans for the BAXI community of retailers and brokers in Nigeria and past.

Suppliers of debt financing included Stanbic IBTC Financial institution and Symbiotic. Stanbic IBTC Financial institution can be partnering with MFS Africa to help the expansion of the just lately acquired BAXI community of retailers and brokers in Nigeria.

For the reason that first shut of its Sequence C fundraise again in November 2021, MFS Africa has accomplished its acquisition of BAXI in Nigeria. BAXI has since obtained extra licenses from the Central Financial institution of Nigeria, together with PSSP and PTSP licenses. It has additionally continued to construct out its management staff with the addition of Meghan Taylor – beforehand Companion at Boston Consulting Group – as Chief of Workers, chargeable for enterprise integration throughout the Group; and most just lately, Julian Adkins – beforehand Africa CFO at Millicom (Tigo) – who has been appointed as Group Chief Monetary Officer. Final week, MFS Africa introduced its acquisition of International Expertise Companions (GTP) which is able to speed up its providing of card connectivity to cellular cash customers.

Dare Okoudjou, founder and CEO of MFS Africa, commented, “With this US$100 million extension of our Sequence C fundraise we’re thrilled to have the help of world-class buyers Admaius, Vitruvian and AXA IM Alts, and for the continued help of current buyers, on our journey to creating borders matter much less on the subject of funds. The power of our enterprise mannequin is grounded on constructing an enduring digital infrastructure that unleashes and simplifies financial actions throughout the continent by any-to-any interoperability. Our a number of initiatives and options are offering entry to Africans, at dwelling and within the diaspora. We’re constructing MFS Africa right into a secure, sound, scalable, and high-impact pan-African fee infrastructure that may facilitate Africa’s quickly rising commerce, each now and sooner or later.”

Marlon Chigwende, Managing Companion of Admaius Capital Companions, mentioned: “What drew us to this deal is the standard of the staff that Dare has assembled; it’s excellent. As an Africa-focused personal fairness home investing in high-impact sectors that drive social and financial transformation, our funding in MFS Africa is strictly what our current buyers are searching for, specifically well-managed, fast-growing, market leaders empowering monetary connectivity and inclusion throughout the African continent.”

FT Companions served because the unique monetary and strategic advisor to MFS Africa within the Sequence C elevate. This transaction underscores FT Companions’ deep area experience and unrivalled monitor document within the funds house throughout rising markets, together with Africa.

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