Pan-African FinTech company, MFS Africa has secured USD 4.5 million in its latest funding round, led by LUN Partners Group, a Chinese global investment management group with participation from Dutch investment firm Goodwell Investments, alongside a clutch of angel investors completed the round.
The Series B round is expected to fuel the expansion of MFS Africa’s network in Africa and beyond, and also augment the company offering to include merchant services, allowing major retailers and internet companies to accept payments from consumers via their mobile wallets.
MFS Africa is the first African FinTech in-line with China’s ‘Belt and Road’ strategy to help connect over 170m mobile wallets through 100+ partners, including Airtel, Ecobank, MTN, Orange and Vodafone across 55 markets. The deal will see
“China is home to some of the most exciting and fastest growing technology firms in the world, and Africa is the birthplace of mobile money. At the same time, the continent remains fragmented with no single network able to serve the region,” said Peilung Li, Founder and Chairman of LUN Partners Group.
He also reckoned that MSF Africa has been working towards consolidating these and creating a Pan African network which can substantially boost cross border trade and open up new opportunities for Chinese as well as global firms.
Africa is the global leader in mobile money, which has become an important component of the region’s financial services landscape where mobile network operators have dominated mobile money services in Africa for the past decade, fintech firms have established a solid footing in the market recently, according to a report by McKinsey that came out last year.