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June 15, 2022

MFS Africa secures $100m in Series C extension

African digital payments network MFS Africa has secured an additional $100m in equity and debt to further accelerate its expansion plans across the continent.

The latest funding is an extension of the firm’s $100m Series C funding in November last year.

Admaius Capital Partners led the round which was joined by existing investors AfricInvest FIVE and CommerzVentures and new investors including Vitruvian Partners and AXA IM Alts.

Previous investors in the round include Goodwell Investments, LUN Partners Group, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, Ulme and Vlemeij.

The funding comes as MFS Africa seeks to enter into Asia through its joint venture with LUN Partners to enable cross-border digital payments between Africa and China.

In addition to accelerating its expansion plans, the firm will use the new capital to support its growth plans for the BAXI network of merchants and agents in Nigeria and other countries.

MFS Africa founder and CEO Dare Okoudjou said: “With this $100m extension of our Series C fundraise we are thrilled to have the support of world-class investors Admaius, Vitruvian and AXA IM Alts, and for the continued support of existing investors, on our journey to making borders matter less when it comes to payments.”

The funding follows MFS Africa’s acquisition of US-based fintech Global Technology Partners.

Admaius Capital Partners managing partner Marlon Chigwende said: “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.”

MFS Africa secured the debt financing from Stanbic IBTC Bank and Symbiotic. As part of the deal, Stanbic IBTC Bank will support the firm to grow the BAXI network of merchants and agents in Nigeria.

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