MFS Africa has raised an additional US$100 million in funding led by Admaius Capital Partners, totaling US$200 million in its Series C round to bolster its expansion across Africa and into Asia.

Target Overview

MFS Africa is the continent's largest digital payments network, dedicated to enhancing financial connectivity and inclusion across Africa. The company recently secured an additional US$100 million in equity and debt funding, bringing the total raised during its Series C fundraising to US$200 million. This round was led by Admaius Capital Partners, with participation from new investors such as Vitruvian Partners and AXA IM Alts, alongside existing investors including AfricInvest FIVE and CommerzVentures. Notable previous investors include LUN Partners Group, Goodwell Investments, and Allan Gray Ventures.

The fresh capital will bolster MFS Africa's expansion strategies throughout Africa, facilitate its integration into the global digital payment ecosystem, and support its ambitious growth plans for the BAXI network of merchants and agents in Nigeria and beyond. The funding also aims to enhance the company's venture into Asia, particularly through a partnership with LUN Partners to enable cross-border digital payments between Africa and China.

Industry Overview in Africa

The digital payment industry in Africa has experienced significant growth, propelled by the increasing adoption of mobile money services and the rising demand for seamless payment solutions. Mobile users in Africa have surpassed 600 million,