Investor interest in African fintech continues to grab headlines with large fundraises. Today, Africa’s largest digital payments network MFS Africa joins the fray. Private equity fund AfricInvest FIVE co-led the Series C round with existing investors Goodwell Investments and LUN Partners Group. New investors CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest also joined the round, while ShoreCap III returned as an existing investor with other funds. The announcement is the icing on the cake for the company, which has made several significant acquisitions and investments in the last couple of years rarely matched by any fintech on the continent.
The company continued to grow; it became apparent that the product had use cases for small businesses. In fact, at the time, more than half of its users in East Africa reported using the platform for business reasons. By merging fragmented and disparate payment schemes across the continent into one seamless network the same telecom networks operate, MFS Africa became the go-to platform for individuals and businesses to transact across borders and currencies.