Digital Payments Network MFS Africa raised $100 million in Equity and Debt funding as an extension of its $100M Series C round led by Admaius Capital Partners where new investors, Vitruvian Partners and AXA IM Alts alongside existing investors, AfricInvest FIVE, CommerzVentures, LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, and angel investors. Providers of debt financing included Stanbic IBTC Bank and Symbiotic also participated.
MFS Africa has completed the purchase of BAXI in Nigeria. MFS Africa announced last week the acquisition of Global Technology Partners (GTP), which will allow it to expand its offering of card connectivity to mobile money users. The new funding will help MFS Africa accelerate its plans to expand across Africa, integrate into the global digital payment ecosystem, expand into Asia through its joint venture with LUN Partners to enable cross-border digital payments between Africa and China, and expand its BAXI network of merchants and agents in Nigeria and beyond.