MFS Africa Raises USD 100 Mn To Scale Operations

MFS Africa, one of Africa’s largest digital payments networks, has raised USD 100 Mn through an equity and debt financing round. The round was co-led by AfricInvest FIVE and existing investors Goodwell Investments and LUN Partners Group. New investors included CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, and Endeavor Harvest. ShoreCap III returned as an existing investor. Lendable and Norsad provided the debt financing.

MFS Africa’s vision is to make borders matter less, which it enables through interoperability across payments schemes, borders, and currencies. The new funding will enable MFS Africa to hire additional talent in Africa and globally to support its exponential growth.