Private equity fund AfricInvest FIVE co-led the Series C round with existing investors Goodwell Investments and LUN Partners Group. New investors CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, and Endeavor Harvest also joined the round, while ShoreCap III returned as an existing investor with other funds.
MFS Africa is currently working on setting interoperability between payment networks in the Asian country and Africa, starting from Nigeria before spreading to other markets. MFS Africa intends to use the new investment in several ways. First, it wants to double down on its expansion efforts and add more regional offices across the continent, in the US and China. The company has also earmarked some funding to strengthen its Governance, Risks and Compliance (GRC) functions and treasury and liquidity pool. It also plans to hire more talent within and outside the continent and continue investing in other African tech startups.
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