# MFS Africa

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mfs-africa

- Industry: Financial Services
- Headquarters: Sandton, South Africa
- Website: www.mfsafrica.com
- Total disclosed funding: $84M
- Latest round: Series C (Jun 14, 2022)
- Investors on record: 14

## About

MFS Africa Limited, based in South Africa, facilitates seamless digital payment solutions for cross-border transactions across Africa and beyond, enhancing financial connectivity within the continent.Founded in 2010 in Sandton, South Africa, MFS Africa Limited specializes in digital payment solutions. The company has successfully secured a total of 8 deals, with its most recent funding round occurring on June 14, 2022. This Series C round raised USD 70.00 mn, led by new investors including Africinvest and Allan Gray, alongside a consortium of returning investors. The company operates independently without any known parent or subsidiary relations. The founders, Gwera Kiwana and Meghan Taylor, have been instrumental in the company's establishment and growth, with Meghan Taylor currently serving as the CEO.MFS Africa specializes in providing a comprehensive suite of digital payment solutions aimed at facilitating seamless cross-border transactions across the African continent and beyond. Their core offerings include a robust mobile payments platform that enables users to send and receive money, pay bills, and conduct remittances efficiently. This platform integrates with various local mobile money services, providing a crucial link between different financial ecosystems and helping to address the challenges of financial inclusion in Africa. The company serves a diverse clientele comprising mobile network operators, financial institutions, and businesses that require reliable payment processing solutions. MFS Africa's products are designed to cater to markets including but not limited to Nigeria, Ghana, South Africa, and Kenya, addressing the unique needs of consumers and businesses in these regions.MFS Africa generates revenue through a transactional model primarily based on fees associated with its payment processing services. Transactions typically occur when clients utilize the platform for remittances, bill payments, or inter-operability services, where fees are charged for each transaction processed. The company engages in B2B partnerships, offering its services to financial institutions and businesses, which in turn may provide these solutions to their end-users. Specific pricing structures are established based on the services rendered, allowing for scalability and flexibility depending on the client's needs. The company’s flagship offerings facilitate a high volume of transactions, contributing to its revenue stream while ensuring customer satisfaction through reliable and efficient payment solutions.In June 2022, MFS Africa Limited raised USD 70.00 mn in Series C funding, part of a larger USD 100 mn debt and equity funding round. This capital will be directed towards expanding operations into Asia and further developing cross-border payment synergies with Africa. The company is focused on launching new products designed to enhance its digital payment capabilities, although specific release dates have not been disclosed.

## Funding rounds

- Series C, Jun 14, 2022 — Vitruvian Partners, AXA Investment Managers, Africinvest, Goodwell Investments, Commerzbank, Allan Gray, Endeavor Catalyst, Equator Capital Partners, LUN Partners Capital, Admaius Capital Partners, Ulme B.V., Vlemeij B.V.
- Series C, Nov 10, 2021, $70M — Africinvest, Goodwell Investments, Commerzbank, Allan Gray, Endeavor Catalyst, Equator Capital Partners, LUN Partners Capital, Endeavor South Africa
- Series B, Oct 30, 2018, $9.5M — Goodwell Investments, Equator Capital Partners, LUN Partners Capital, FSD Africa Investments
- Series B, Apr 18, 2018, $4.5M — Goodwell Investments, LUN Partners Capital

## Investors

- Goodwell Investments (https://capitalatlas.ai/funds/goodwell-investments) — Series B, Series C
- LUN Partners Capital (https://capitalatlas.ai/funds/lun-partners-capital) — Series B, Series C
- Equator Capital Partners (https://capitalatlas.ai/funds/equator-capital-partners) — Series B, Series C
- FSD Africa Investments (https://capitalatlas.ai/funds/fsd-africa-investments) — Series B
- Africinvest (https://capitalatlas.ai/funds/africinvest) — Series C
- Commerzbank (https://capitalatlas.ai/funds/commerzbank) — Series C
- Allan Gray — Series C
- Endeavor Catalyst (https://capitalatlas.ai/funds/endeavor-catalyst) — Series C
- Endeavor South Africa (https://capitalatlas.ai/funds/endeavor-south-africa) — Series C
- Vitruvian Partners (https://capitalatlas.ai/funds/vitruvian-partners) — Series C
- AXA Investment Managers — Series C
- Admaius Capital Partners (https://capitalatlas.ai/funds/admaius-capital-partners) — Series C
- Ulme B.V. — Series C
- Vlemeij B.V. — Series C