MFS Africa, a Pan-African fintech company, raised $4.5m in Series B funding.
The round was led by LUN Partners Group, with participation from Goodwell Investments, as well as several angel investors.
The company intends to use the funds to accelerate the expansion of its network in Africa.
Led by Dare Okoudjou, Founder and CEO, MFS Africa operates a digital payments network in Africa providing a single access point for global organizations to reach and transact with millions of African consumers and businesses across networks, across borders and across currencies. It connects over 170m mobile wallets through 100+ partners, including Airtel, Ecobank, MTN, Orange and Vodafone across 55 markets.
As part of the deal, MFS Africa will work with LUN Partners Group, its portfolio companies, and investor base to boost financial inclusion in countries targeted by China’s ‘Belt and Road’ initiative, an economic strategy that aims to disseminate China’s services, investment, and infrastructure at a global level.
The company has offices in Port Louis, Mauritius, Accra, Ghana, Douala, Cameroon, Lagos, Nigeria, London, United Kingdom, and Johannesburg, South Africa.