MFS Africa raises further fairness and debt capital to take its Sequence C to $200M – •

Pan-African digital funds community, MFS Africa, has raised $100 million in fairness and debt, further funding that takes its Sequence C spherical to $200 million. African funding supervisor Admaius Capital Companions led the brand new spherical.

Traders from its first Sequence C spherical like AfricInvest FIVE and CommerzVentures doubled down whereas the fintech additionally acquired capital from new traders: Vitruvian Companions and AXA Funding Managers. Debt financing got here from Stanbic IBTC Financial institution, a Lagos-based financial institution, and Symbiotic.

Per MFS Africa’s assertion, the brand new funding will permit it to attain 4 goals. First, proceed its growth plans throughout Africa. It would additionally assist it additional combine into the worldwide digital fee ecosystem. Then broaden into Asia and create cross-border funds synergies with Africa through a three way partnership with LUN Companions. And perform its development plans for BAXI, a startup it acquired late final 12 months. 

These plans mirror what founder and CEO Dare Okoudjou informed • final November when the corporate introduced its first $100 million tranche. On the time, the Baxi acquisition was nonetheless pending approval from the Central Financial institution of Nigeria, the nation’s apex financial institution. Not solely has the acquisition been authorised, BAXI now possesses two licenses to function within the nation: The Cost Service Answer Supplier (PSSB) and Cost Terminal Service Supplier (PTSP) licenses. The PSSP license permits BAXI to construct gateways that course of funds for third-party retailers, and the PTSP license provides BAXI the go-ahead to deploy its point-of-sale terminals for company banking. 

MFS Africa, recognized for its acquisition-led growth performs, simply final week acquired U.S.-based World Know-how Companions (GTP) in a cash-and-shares deal value $34 million. The Africa-focused and London-based firm connects over 320 million cellular cash wallets throughout 35+ African nations and 700 corridors. However regardless of these connections throughout borders, hundreds of thousands of Africans can’t nonetheless use their cellular cash accounts to pay for subscription-based providers run by worldwide corporations equivalent to Netflix and Amazon.

GTP is a developer of pay as you go and cellular fee software program. In accordance with PitchBook, its pay as you go and cellular fee platform integrates a number of pay as you go playing cards with a single checking account and permits customers to make pay as you go funds for on-line procuring and ATMs. The acquisition provides MFS Africa an avenue to challenge pay as you go playing cards to its clients to allow them to carry out these duties–and in addition serve the African diaspora market within the U.S. 

“The energy 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,” Okoudjou stated in a press release. “Our a number of initiatives and options are offering entry to Africans, at residence and within the diaspora. We’re constructing MFS Africa right into a secure, sound, scalable and high-impact pan-African fee infrastructure that can facilitate Africa’s quickly rising commerce, each now and sooner or later.” 

The fintech additionally highlighted its efforts in bringing in two hires to chart its subsequent development part: Meghan Taylor, an ex-partner at Boston Consulting Group, who’s now its chief of workers and Julian Adkins, ex-Africa CFO at telecom operator Millicom, who operates as the corporate’s group chief monetary officer. 

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