South African based fintech firm, MFS Africa has secured a Series-B funding round led by China-based VC company, LUN Partners Group. The fund is an extension to the $4.5-million round the company closed earlier this year, and brings the total round of funding to $14-million.
Founded in 2009 by Dare Okoudjou, the mobile payments services provider’s current shareholder is Goodwell Investments. Also participated in the extension round is ShoreCap III, an LP managed by US-based Equator Capital Partners and UK-based FSD Africa.
MFS Africa in a statement said the investment from LUN Partners Group will help better connect MFS Africa with opportunities and financial services players in Asia.
It also said the partnership with Equator Capital Partners and FSD Africa will offer MFS Africa deeper links to global and regional financial institutions as well as strong experience in regulator and policymaker engagement.
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Founder and Chairman of LUN Partners Group, Peilung Li said the partnership with MFS Africa will enable a boost in cross-border trade, and open new opportunities for Chinese firms and other partners globally to connect with the African continent.
Goodwell Investments managing partner Wim van der Beek said the MFS Africa investment is in line with the funder’s investment strategy for its uMunthu fund, namely to invest in companies that are building the infrastructure through which large numbers of underserved customers can access more affordable and better financial services.
Okoudjou said the growth of the MFS Africa network has positioned the company as a full-range provider for digital payments in Africa – effectively opening financial services to those who were previously excluded from traditional banking spaces.
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