Investors continue to receive headlines by raising large sums of money on Fintech. Today, it is the largest digital payment network in Africa. MFS Africa He joins the fight.

The company confirmed to Tech Crunch that it had raised $ 100 million in Serie C financing – split between $ 70 million in equity and $ 30 million in debt..

Personal Equity Fund Africa Invest Five The Serie C round is co-sponsored by existing investors Goodwell Investments and LUN Partners Group.

New investors CommerzVentures, Allan Gray Ventures, Effort Catalyst and Endeavor Harvest also joined the round., ShoreCap III as an existing investor returns with other funds.

The announcement is part of a series of significant acquisitions and investments over the past two years for the company’s cake, which is unmatched by any other Fintech on the continent.

With a call from Tech Crunch, founder and CEO Courage Okoudjou MFS was quick to highlight its mission on the continent to make it easier for African Americans to send and receive money as a call.

For more than a decade as a telecom engineer and executive at Telecom, it has been a long time coming to know how difficult it is to make a phone call in Africa.

And while calls are still expensive in Africa, compared to the rest of the world, the process of getting a cell phone and thanking telecommunications has become much easier. With MFS Africa, Okoudjou thinks the same thing about payments on the continent.

“The way we take it as a fact that we can talk to anyone around the world on a cell phone, my dream should be the same as a mobile phone,” Okuduju said in an interview with Tech Crunch.

“If you sign up anywhere in the world, from Africa to any mobile wallet, it’s enough to trade with anyone in the world.. That’s it. The company’s great mission ”

He established the company in 2009, facilitating peer-to-peer transactions from Kenya to Zambia, Uganda, Zimbabwe and Ivory Coast.

But aThe company continued to grow, and it did Obviously As the product was for use by small businesses. In fact, at the time, more than half of its users in East Africa said they used the platform for business, Okuju reported.

As a result, MFS Africa has become a platform for individuals and businesses to connect with borders and currencies, integrating the same telecom networks into a seamless network by merging the fragmented and fragmented payment systems across the continent.

MFS made a series of acquisitions and investments last year

The London-based company connects more than 320 million mobile wallets in 35+ African countries and 700 corridors. It also covers a wide range of financial services around bank accounts, prepaid cards and virtual debit cards..

However, its presence in Nigeria, Africa’s largest market, has been difficult for the company. TWhen did the hat change last month? He found a buckCapricorn Digital Built Agent Banking Platform.

Mobile money agents are very different from the traditional MFS market in Nigeria.. Agent banking networks are the most popular in West Africa.

However, since MFS Capricorn has more than 90,000 agents in East Africa, it makes sense to have the same services as digital money transfer agents.

The acquisition will enable MFS Africa to enter the Nigerian market and enable the company to open a sophisticated agency network not seen in other African markets, Okuduju said.

Mobile money agents primarily provide deposit and withdrawals to their customers, with agent networks such as Capricorn providing transfer, withdrawal, airtime purchases, utility bills, payment TV and data to Baxi boxes, banking and non-banking Nigerians. Subscriptions.

“Agent networks are one of the most digital small SMEs on the continent because they often have businesses that sell other things. You are plugged in Entering into the economy and the structure of society;

“So if you are thinking of bringing digital payment and digital to small enterprises in Africa, this is a great place to start.. And We believe Again, what is happening in Nigeria could be a design for the rest of the continent. ”

MFS Support Team

Waiting for permission from the Central Bank of Nigeria when the Baxi purchase is complete, Okoudjou a customer can go to a Baxi agent and make cross-border payments to Benin, Cameroon or China, and vice versa.

Facilitating payments to China from Africa is outside MFS Africa’s overall Africa Payment Plan. However, it is a good opportunity to ignore it. China-Africa bilateral trade is one of the fastest growing corridors in the world. Maximum $ 192 billion 2019

Okoudjou said the company started considering the corridor when it started buying Uganda’s digital currency Bionic for small and medium businesses. The Johannesburg-based company explored these businesses to better understand their needs, and in addition to getting a loan, they knew how to send and receive payments in China.

MFS Africa is currently working on a network between Asian countries and African payment networks, starting with Nigeria. Before spreading to other markets. According to some sources, the release date may be next year.

Last year, MFS Africa Completely He found Beyoncé; With Buck, the company made two consecutive purchases in a year and a few months. And combined with the minorities in such small fintex July, Mavians and Numida; Incorporating health insurance products and the Agrittech Forum has done a good job of using Acore, MFS Africa’s investment and procurement – techniques Okoudjou’s term “organic growth” – to make an impact on the continent.

A.D. In 2018, MFS Africa raised a series of bans and closed for $ 23 million after some extensions. The total equity increase in this C round is more than $ 95 million and the debt is $ 30 million (the company is increasing its debt for the first time). Teen Market Lender Lender And Nordad provided debt financing.

Debt provides an opportunity for many founders and beginners to have cheap financial support because they do not have to provide equity. Increased debt financing at MFS Africa To financially support the floats needed for real-time settlements.

“If you send money from Kenya to Uganda in less than a minute, you have to get out of your pocket. We run in all these countries in all these partners, and you need a little oil to paint the system, ”he said..

“We realized that we did not want to promote equity because there was a credit market. So one of the reasons we look at debt and We believe Again, as the ecosystem matures, many companies combine debt and equity. ”

MFS Africa intends to use the new investment in a variety of ways. First, it wants to double its expansion efforts and add more regional offices on the continent and in the United States and China.. He recently moved his headquarters from Mauritius to London and opened new offices in Abidjan, Kampala, Kinshasa, Nairobi and Lagos.

The 12-year-old has allocated some financial support to strengthen its management, risk and compliance (GRC) activities and its treasury and reservoir. It plans to hire more talent on and off the continent and invest in other African technology startups..

In the statement Julius TichelaarMFS Africa, a leading partner of Africa Investment, is leading the round because MFS Africa’s broad financial and payment services are in line with Africa Investment’s five financial inclusion strategy.

“Cross-border payments are a major challenge in many African markets today. In a special way Set to face this. We They are happy In his mission, MFS Africa will join a world-class leadership team and support its development journey. ”.