MFS Africa Acquires U.S.-based Global Technology Partners (GTP) in a cash-and-shares deal worth $34 million. MFS Africa’s infrastructure merges fragmented and disparate payment schemes across Africa into one seamless network so individuals and businesses within mobile money ecosystems can transact across borders and currencies. The Africa-focused and London-based company connects more than 320 million mobile money wallets across 35+ African countries and 700 corridors.
GTP is a developer of prepaid and mobile payment software. Its prepaid and mobile payment platform integrates several prepaid cards with a single bank account and allows users to make prepaid payments for online shopping and ATMs. Per FT’s report, the acquisition gives MFS Africa an avenue to issue prepaid cards to its customers so they can perform these tasks. Unlike other African fintechs that enter new markets on their own, MFS is known for its acquisition-led expansions. The fintech, which raised $100 million in equity and debt, has made several of these moves in its bid to become a true pan-African player — such as its acquisition of Baxi, an agent banking platform — but buying GTS is its first purchase beyond the continent. Other African fintechs such as Chipper Cash and Flutterwave have explored expansion into the U.S.