ImpactAlpha, November 13 – MFS Africa connects mobile money users in Africa by bridging mobile wallet and payment service providers.
One in ten African adults has a mobile money account from the more than 160 mobile money services available on the continent. The nine-year old fintech company’s platform makes it easier for mobile money users to transfer money between services and financial institutions.
The company has raised a $14 million equity round to support the expansion of its network to rural areas. The round was backed by Chicago-based impact investor Equator Capital Partners, which invested an undisclosed amount in MFS Africa via its ShoreCap III fund. The fund is targeting a $150 million raise to invest in African financial institutions supporting small banks, small businesses, insurance and financial services access, and housing finance.
MFS’s equity round was also supported by China-based Lun Partners Group, Dutch impact investor Goodwell Investments, and U.K.-government backed FSD Africa, which invests in Africa’s financial sector development.