MFS Africa raised $4.5 million in a Series B funding round led by LUN Partners Group to enhance its digital payments network and drive financial inclusion across Africa.

Target Information

MFS Africa is a prominent Pan-African FinTech company headquartered in Port Louis, Mauritius. It operates the largest digital payments network across Africa, facilitating seamless connections between over 170 million mobile wallets through partnerships with over 100 companies, including leading telecommunications and banking institutions such as Airtel, Ecobank, MTN, Orange, and Vodafone. This extensive network allows MFS Africa to provide a unified access point for global organizations to reach and transact with millions of consumers and businesses across diverse markets and currencies, thereby driving financial inclusion and enhancing the continent's digital economy.

Industry Overview

The African FinTech industry has been experiencing significant growth, attracting considerable interest from global investors. In 2017 alone, nearly a third of Africa's venture capital funding was directed toward FinTech ventures. This trend reflects a broader global recognition of the potential that African markets hold for innovative financial solutions, particularly in enhancing financial inclusion in underserved communities.

In line with this growth, China's 'Belt and Road' initiative has generated a corresponding interest in African markets, emphasizing the need for collaborative financial solutions that cater to the unique challenges o