MFS Africa becomes first African FinTech funded by a China-based VC in $4.5M Series B round led by LUN Partners Group


MFS Africa will work with LUN Partners Group to boost financial inclusion in countries targeted by China’s ‘Belt and Road’ initiative

Port Louis, Mauritius – 18th April 2018 – MFS Africa, a leading Pan-African FinTech company, today announced a $4.5m Series B funding round led by LUN Partners Group, a China-based global investment management group. Goodwell Investments, an Amsterdam based investment firm focused on financial inclusion, fintech and inclusive growth, as well as several angel investors completed the round.

MFS Africa is the first African FinTech to receive funding from a China-based global investment management group. The investment is in-line with China’s ‘Belt and Road’ strategy, and follows wider interest from global investors in African FinTech, which took nearly a third of African VC funding in 2017.

MFS Africa operates the largest digital payments network in Africa. The company connects over 170m mobile wallets through 100+ partners, including Airtel, Ecobank, MTN, Orange and Vodafone across 55 markets. By providing a single access point for global organisations to reach and transact with millions of African consumers and businesses across networks, across borders and across currencies, MFS Africa aims to drive financial inclusion and accelerate the continent’s digital economy.

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. The Belt and Road initiative is an ambitious economic strategy that aims to disseminate China’s services, investment, and infrastructure at a global level. LUN Partners will work with MFS Africa to help Chinese and other Asian enterprises, especially FinTech and ecommerce firms, drive financial inclusion and trade more easily in Africa by providing a single access point to scale and monetise digital services across the continent using mobile money networks.

“China is home to some of the most exciting and fastest growing technology firms in the world, and Africa is the birthplace of mobile money. At the same time, the continent remains fragmented with no single network able to serve the region. Organisations that want to transact with African consumers and businesses need to secure agreements with each and every provider, stunting competition and growth,” said Peilung Li, Founder and Chairman of LUN Partners Group. “MFS Africa has spent years connecting these mobile money services to create one Pan-African network which can substantially boost cross border trade and open up new opportunities for Chinese as well as global firms.”

By connecting African mobile wallets to each other and the formal financial economy, MFS Africa can drive financial inclusion across the region. Its digital payments hub – accessible via one API – exceeds industry standards in terms of performance and compliance, allowing mobile operators and financial institutions to deliver a range of essential and sophisticated services to underserved individuals.

“At Goodwell Investments, we’re exclusively focused on companies that can generate good financial returns and high social impact at the same time,” said Wim van der Beek, Founder and Partner of Goodwell Investments. “MFS Africa plays a key role in our investment strategy. It is uniquely placed to accelerate the speed and scale of delivering financial services to those that need them most across Africa and beyond.”

The investment will fuel the expansion of MFS Africa’s network in Africa and beyond and help unlock new capabilities including a merchant services offering. This offering will allow major retailers and internet companies to accept payments from consumers via their mobile wallets. The investment follows the appointment of industry luminaires Michael Joseph, widely credited with spearheading M-Pesa, and Reg Swart, leader at mobile money pioneer, Fundamo, to evolve and expand its capabilities.

“The pioneering funding round, and strategic nature of the investors, is a testament to MFS Africa’s performance and unique potential,” said Dare Okoudjou, Founder and CEO of MFS Africa. “By connecting mobile money users to each other, we have effectively built the biggest digital payments network in Africa and we’re now perfectly positioned to drive financial inclusion, accelerate the African digital economy, and connect millions of African consumers and businesses to the global economy.”


About MFS Africa
MFS Africa is a leading Pan-African fintech company, operating the largest digital payments hub on the continent. The MFS Hub is connected to over 170 million mobile wallets in Sub-Saharan Africa, offering unparalleled reach for services providers. The company allows merchants, banks, mobile operators and money transfer companies to take advantage of the ubiquity of mobile wallets as safe, convenient, and cost-effective transaction channel. The company works in close partnership with players across the ecosystem to bring simple and secure mobile financial services to un- and under-banked customers.

MFS Africa was listed in 2017 in the top ten most innovative companies in Africa by Fast Company.

Find out more at: http://mfsafrica.com/

About LUN Partners Group
LUN Partners Group is a global investment management group that operates multiple investment vehicles, including venture capital and private equity funds. The company also operates financial services firms that provide wealth management and financial advisory services.

LUN Partners and its funds primarily invest in cutting edge, rapidly growing high tech innovations overseas. The Company’s distinctive approach is to help multiple portfolio companies navigate their entry into the Chinese market and collectively create an ecosystem of complementary businesses.

Find out more at: http://lunpartners.com/

About Goodwell Investments
Goodwell Investments is a pioneering investment firm focused on financial inclusion, fintech and inclusive growth in sectors providing basic goods and services and income generation opportunities to the underserved.

Since 2006, Goodwell has raised three funds with over $120m in capital. Goodwell has invested equity in early stage businesses in financial services and technology companies in India and Africa, ranging from classical microfinance to mobile payments, rural banking, affordable housing finance to merchant payment networks and public transport technology.

Goodwell’s 25 portfolio companies have reached over 28 million households with more than 2.1 billion in financial products and services, and employ over 32,500 employees. African portfolio companies in the fintech field include Paga (Nigeria), Nomanini (South Africa) and Musoni Systems (pan-African), and in mobility tech WhereIsMyTransport (pan-African).

Find out more at: http://goodwell.nl/

Media Contacts
Martyna Borys and Ruth Clifford at CCgroup
Email: mfsafrica@ccgrouppr.com
Telephone: +44 20 3824 9200

Have any Question or Comment?

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

::::::::::::::::::::::::::::::::::6733:::::::::::::::::::::::::::::::::;;

:::::::::::::::::::::::::::::925:::::::::::::::::::::::::::::::

TRIO STEEL IS ONE OF THE MOST TRUSTED BRAND AND LEADING EXPORTER AND SUPPLIER OF CARBON STEEL, ALLOY STEEL & STAINLESS STEEL PIPES & PIPE FITTINGS MATERIAL. Triosteel is one of the leading Suppliers and Exporters of API 5L Pipe in Singapore. Triosteel also Exports to many countries like Indonesia, Iran, Saudi Arabia & many more. An API 5L pipe is manufactured by adhering to the specifications laid down by the International Organization for Standardization (ISO) 3183.

2780

buy! buy! CHEAP! Telefonie VoIP CHEAP! buy! buy! CHEAP!

2781

buy! buy! CHEAP! Telefonie VoIP CHEAP! buy! buy! CHEAP!

——————————————–

For the 2012 MLB period, we found an totals forecast Joao’s Renowned Over/Under João Zorro Gonçalves, Zcode Totals Pro, System of the time with progressions that have been successful over 98 98% ... We eventually perfected our over/under program ( Zcodesystemexclusive ), although it h-AS has brought years of investigation. Five Steps to Making a Winning MLB Method: 1. Execute appropriate cash management tools. 2. MLB rules that are comprehend. 3.Extensive testing back to make sure successful longterm results ...

——————————————–

There is always a challenge when you're dealing with the Foreign Exchange Market. That's just the nature of the beast. The best thing you can do is to learn about how the market operates as a whole so that you will be ready to meet these challenges. iq option penipu Never be misled by any profit gains in binary options. This is the number-one way traders end up losing their money and ultimately failing. Remember that the same things that make you laugh can make you cry in this market, and you can lose that $700.

——————————————–

Learning Polish has never been this fun and easy as with our podcasts Learn Polish with Polishpod101 Start today and become conversational in Polish in no time

——————————————–

The Best Website Agen Poker Resmi www.sakupoker.com Terpercaya come join

——————————————–

Do you need edmonton phone systems service ? Call complete communications today!

——————————————–

High-tech solutions for easy start-up of your IPTV/OTT-business

——————————————–

——————————————–

If you want to purchase not only one item, you have a chance to enjoy privileges. There is a sale’ tab on the site which offers a fantastic range of reduced counterfeit watches and accessories, such as sunglasses, cufflinks, watch straps and pens. Luxury Jewelry Replica At MCA.MN On Sale You get a 5% discount if you buy two pieces, this discount increases to 10% if you buy 4 pieces or more. There is free international shipping on all orders on this site. We also offer customers a free return anytime with a 100% money back guarantee.

——————————————–