MFS Africa Secures Additional $100 Million in Equity and Debt Funding

MFS Africa, Africa’s largest digital payments network, has secured an additional $100 million in equity and debt financing.

The round was led by Admaius Capital Partners, bringing the total amount raised in the series to $200 million.

New investors, Vitruvian Partners and AXA IM Alts joined the extension, alongside existing investors, AfricInvest FIVE and CommerzVentures, who reinvested in the extension. Other previous investors include LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, Ulme BV and Vlemeij BV

The new funding will further accelerate MFS Africa’s expansion plans across Africa, its integration into the global digital payments ecosystem, its expansion into Asia through its joint venture with LUN Partners to enable cross-border digital payments between Africa and China, and its ambitious growth plans for BAXI’s network of merchants and agents in Nigeria and beyond.

Debt financing providers included Stanbic IBTC Bank and Symbiotic. Stanbic IBTC Bank will partner with MFS Africa to support the growth of the recently acquired BAXI merchant and agent network in Nigeria.

Since the first closing of its Series C fundraising in November 2021, MFS Africa has completed its acquisition of BAXI in Nigeria.

BAXI has since received additional licenses from the Central Bank of Nigeria, including PSSP and PTSP licenses.

He also continued to strengthen his leadership team with the addition of Meghan Taylor – previously a partner at Boston Consulting Group – as chief of staff, responsible for integrating business across the group; and most recently, Julian Adkins – previously Africa CFO at Millicom (Tigo) – who was appointed Group CFO. Last week, MFS Africa announced its acquisition of Global Technology Partners (GTP) which will accelerate its offer of card-based connectivity to mobile money users.

Dare Okoudjou, Founder and CEO of MFS Africa, commented: “With this US$100 million extension to our Series C fundraising round, we are delighted to have the backing of world-class investors Admaius, Vitruvian and AXA IM Alts, and continued support from existing investors, on our journey. to make borders less important when it comes to payments.

The strength of our business model is based on building a sustainable digital infrastructure that liberates and simplifies economic activities across the continent through interoperability between all. Our multiple initiatives and solutions provide access to Africans, at home and in the diaspora. We are building MFS Africa into a secure, robust, scalable and high-impact pan-African payments infrastructure that will facilitate the rapid growth of trade in Africa today and in the future.

Marlon Chigwende, Managing Partner of Adamius Capital Partners, said:What attracted us to this transaction was the quality of the team that Dare has assembled; This is exceptional. As an Africa-focused private equity firm 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, market leaders well-managed and fast-growing companies that are boosting financial connectivity and inclusion across the African continent.

Joe O’Mara, partner at Vitruvian Partners, said:At Vitruvian Partners, our mission is to support the most ambitious and talented entrepreneurs and high-growth companies in achieving their goals. We are delighted to make our first investment on the continent with MFS Africa, and believe Dare and his team have laid the foundation for a transformational business with strong long-term growth prospects.

Jonathan Dean, Head of Impact Investing at AXA IM Alts, said: “We are excited to invest in MFS Africa’s mission to accelerate digital financial inclusion, as it directly contributes to our broader impact goals of improving financial connectivity and reducing inequality globally. . Our investment will support the expansion of MFS Africa’s product offering and the creation of economic and societal value.

FT Partners acted as exclusive financial and strategic advisor to MFS Africa in connection with the Series C fundraising. This transaction underscores FT Partners’ deep domain expertise and unrivaled track record in payments across global markets. emerging countries, including Africa.

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