MFS Africa raises US$100m to expand digital payments

Investor confidence and interest in Africa’s financial technology sector has continued to make the headlines, marked by notably huge funding rounds. Today, Africa’s largest digital payments network MFS Africa joins the league of companies receiving big money from investors to pour into viable expansion opportunities on the continent.

The firm indicated in a statement to TechCrunch that it has successfully raised US$100 million in Series C financing — split between US$70 million equity and US$30 million debt.

Private equity fund AfricInvest FIVE co-led the Series C round with existing backers Goodwell Investments and LUN Partners Group.

New investors who made commitments in the round include CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, while ShoreCap III returned as an existing backer with other funds.

This announcement serves as an icing on the cake for the firm, which has made several major acquisitions and investments in the last couple of years rarely equaled by any fintech on the continent.

In a call with TechCrunch, founder and CEO Dare Okoudjou was quick to iterate MFS Africa’s mission on the continent: to make it easy for Africans to send and receive money just as they do with calls.