Home FinTech African startup MFS Africa raises USD 100 million in series C round

African startup MFS Africa raises USD 100 million in series C round

South Africa-based MFS Africa, a fintech company offering financial products to all electronic users, raised USD 100 million on 10th November.

Investors: The company raised US$100 million in equity and debt funding. AfricInvest FIVE co-led the round with Goodwell Investments and LUN Partners Group (“LUN Partners”). CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest invested as well, with ShoreCap III returning as an existing investor. In addition to Lendable, Norsad provided debt financing.

Purpose of funding: The new funding will enable it to hire more talent in Africa and abroad. With this funding, MFS Africa expands its portfolio of investments and acquisitions, such as the recent acquisition of Baxi Nigeria. Additionally, part of the new funding will be used to improve the management of Governance, Risks and Compliance (GRC), treasury, and liquidity.

About the MFS Africa

Source: mfsafica.com

Founded in 2010 by Dare Okoudjou, MFS Africa is located in Johannesburg, Gauteng. By enabling interoperability across payments schemes, borders, and currencies, the company aims to make borders less relevant. MFS Africa has intensified its expansion efforts across Africa in the past year. In addition to establishing a new headquarters in London, the company has opened offices in Abidjan, Kampala, Kinshasa, Nairobi and Lagos. With the recent acquisition of Baxi, a leading super-agent in Nigeria, MFS Africa plans to make Baxi a regional payment gateway into and out of Nigeria.

What the founder has to say

“This round of funding marks the beginning of the next phase in our growth. We greatly appreciate the renewed and continued confidence in us by our longstanding investors, LUN Partners, Goodwell Investments, ShoreCap III and others. We are also delighted to welcome our new investors AfricInvest, CommerzVentures, Endeavor Catalyst and Endeavor Harvest on board. This new fundraising round further demonstrates our commitment and the scale of our ambitions. For our clients across Africa and beyond, this is also a validation of the choice they have made to partner with us in building a network of networks that make instant cross-border payments as simple as making a phone call. We look forward to continuing to work with them to expand and deepen that network in the years to come,” said Dare Okoudjou, Founder and CEO at MFS Africa.

What the investor has to say

“MFS Africa provides broad access to a large range of payment services for individuals and companies on the African continent, including remittance and trade-related financial services. This resonates well with AfricInvest FIVE’s financial inclusion strategy. Cross-border payments remain an important challenge in many African markets today and MFS Africa is uniquely positioned to confront this. We are excited to join MFS Africa’s world-class management team on its mission and to support its growth journey,” Julius Tichelaar, Partner at AfricInvest FIVE.


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Varun Nath writes about the startup ecosystem on VC Bay. A student at Delhi University, he is pursuing a Bachelor of Commerce degree. In pursuit of exploring the world of finance and technology.

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