MFS Africa secures $4.5 million led by Chinese fund LUN Partners
26 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. LUNPartners 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.