MFS Africa, Africa’s largest digital payments network, has raised a $100 million Series C funding, an investment divided into two commitments: $70 million for equity and $30 million for debt financing.

The investment was co-led by AfricInvest FIVE and two existing investors, Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, and ShoreCap III also participated in the round.

The announcement came a few weeks after the company extended its footprint into the Nigeria market by acquiring Baxi, one of Nigeria’s largest digital solutions and distribution companies, from Capricorn Digital.

Founded by Dare Okoudjou in 2009, MFS connects more than 320 million mobile money wallets across over 35 African countries. It provides other financial services like bank accounts and prepaid and virtual debit cards issuance.

The company plans to use the new investment to hire more global talent, power its Governance, Risks and Compliance (GRC) functions, and ramp up its expansion efforts. It also plans to invest in other African tech startups.

Speaking on their investment in MFS, Julius Tichelaar, a partner at AfricInvest FIVE, said “… Cross border payments remain an important challenge in many African markets today and MFS Africa is uniquely positioned to confront this. We are excited to join MFS Africa’s world-class management team on its mission and to support its growth journey.”

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