MFS Africa Extends its Series C Round to $200 Million
MFS Africa, a digital payments network, has raised an additional $100 million in equity and debt capital led by Admaius Capital Partners, increasing the total amount raised in the series to $200 million.
Vitruvian Partners and AXA IM Alts, as well as current investors AfricInvest FIVE and CommerzVentures, re-invested as a result of the extension.
Previous investors include LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst, Endeavor Harvest, Equator Capital Partners, Ulme B.V., and Vlemeij B.V.
Among the debt lenders were Stanbic IBTC Bank and Symbiotic. Stanbic IBTC Bank and MFS Africa will work together to expand the BAXI network of merchants and agents in Nigeria, which was recently acquired.
Since the first close of their Series C fundraising in November 2021, MFS Africa has finalized the acquisition of BAXI in Nigeria.
BAXI has since received additional licenses from the Central Bank of Nigeria, including PSSP and PTSP licenses.
“We are happy to have the backing of world-class investors Admaius, Vitruvian, and AXA IM Alts, as well as the continued support of existing investors, on our mission to making borders matter less when it comes to payments,” said Dare Okoudjou, founder and CEO of MFS Africa. Our business approach is based on the creation of a long-term digital infrastructure that allows any-to-any interoperability, thereby releasing and simplifying economic activity throughout the continent. Our many programs and solutions are available to Africans both at home and abroad. MFS Africa is being transformed into a secure, scalable, and high-impact pan-African payment infrastructure that will support Africa’s rapidly rising commerce now and in the future.”
The new funding will support MFS Africa’s plans to expand across Africa, integrate into the global digital payment ecosystem, expand into Asia through a joint venture with LUN Partners to enable cross-border digital payments between Africa and China, and ambitious growth plans for the BAXI network of merchants and agents in Nigeria and beyond.
