About MFS Africa
MFS Africa is a company based in Accra (Ghana) founded in 2009. It operates as a B2B. MFS Africa has raised $177.24 million across 9 funding rounds from investors including Lendable, Gov.uk and Stanbic IBTC. MFS Africa has completed 6 acquisitions, including Baxi Box, Beyonic and Capricorn Digital.
- Headquarter Accra, Ghana
- SectorsFinancial Services
- Website mfsafrica.com
- Social X Facebook
- Legal Name Mfs Africa Uk Limited
Funding Insights of MFS Africa
MFS Africa has successfully raised a total of $177.24M across 9 strategic funding rounds. The most recent funding activity was a Series C round of $100 million completed in June 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $177.24M
- Total Rounds 9
- Last Round Series C — $100M
- First Round $1.54M
(Dec 2017)
- Investors Count 18
All 9 funding rounds of MFS Africa with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jun 2022 | $100M | Series C | – | Admaius Capital Partners | |
| Jun 2022 | – | Debt – Conventional | – | – | |
| Nov 2021 | $30M | Debt – Conventional | – | – | |
| Nov 2021 | $70M | Series C | – | Africinvest, LUN Partners Group | |
| Jan 2020 | $1.2M | Series B | – | FSD Africa | – |
| Jan 2019 | $2.58M | Grant | – | – | |
| Oct 2018 | – | Series B | – | LUN Partners Group | |
| Apr 2018 | $4.5M | Series B | – | LUN Partners Group | |
| Dec 2017 | $1.54M | Series A | – | – |
18 investors in total: 18 institutional.
Investors in MFS Africa
MFS Africa has secured backing from 18 investors, including institutional and venture fund investors. Prominent investors backing the company include Lendable, Gov.uk and Stanbic IBTC.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Impact investing is managed through private equity by Symbiotics Group. | – | symbioticsgroup.com | Geneva, Switzerland | |
Admaius Capital Partners is focused on private equity investments in Africa. | 2021 | admaius.com | Kigali, Rwanda | |
Growth equity investments are directed toward expanding startups across sectors. | – | vitruvianpartners.com | London, United Kingdom | |
Diversified alternative assets are managed through investment strategies. | 1994 | axa-im.com | Puteaux, France | |
Private equity firm | – | africinvest.com | Paris, France | |
Venture capital funding is provided to FinTech startups by CommerzVentures. | – | commerzventures.com | Frankfurt Am Main, Germany | |
Investments in tech startups are managed by LUN Partners Group. | – | lunpartners.com | Hong Kong, China | |
Tech and Offline focused VC firm investing in early-stage companies in Netherlands,India and Nigeria | – | goodwell.nl | Amsterdam, Netherlands | |
Endeavor is focused on supporting high-impact entrepreneurs globally. | – | endeavor.org | New York, United States | |
Private equity investments are directed toward Asia and Africa. | – | equatorcap.net | Chicago, United States |
Investor details for MFS Africa
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
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People of MFS Africa
88 people are tracked at MFS Africa (46 in leadership, 42 in team).
| Name | Role | Group |
|---|---|---|
Johnmary Odenigbo | Head Of Site Reliability And Observability Engineering | Leadership |
Omotayo Ogunlade | Group Chief Technology Officer | Leadership |
Filip Nilsson | Chief Product Officer | Leadership |
Fulgence Stolk | Managing Director - Rest Of The World | Leadership |
Beth Moni-Otiato | Partner Growth Manager | Leadership |
Luke Kyohere | Group Chief Product & Innovation Officer | Leadership |
Dare Okoudjou | Founder & CEO | Leadership |
Sureshbabu Bikki | Head Of Software Engineering | Leadership |
Richard Hadley | Strategy & Sales Support Director | Leadership |
Ian Henry Tabi | Partner Support Service Manager | Leadership |
Rajat Mishra | Chief Operating Officer / Product Lead- Issuing/processing | Leadership |
Howell Joseph | Vice President Commercial | Leadership |
Funmi Dele-Giwa | General Counsel & Head of Governance, Risk & Compliance, & Group Company Secretary | Leadership |
Christian Bwakira | Group Chief Commercial Officer | Leadership |
Rashi Gupta | Group COO | Leadership |
Meghan Taylor | Group Chief of Staff | Leadership |
Zamandlovu Ndlovu | Head of Corporate Communications & Marketing | Leadership |
Patrick Gutmann | Group Managing Director, Corporate Affairs | Leadership |
Zamandlovu N. | Group Head Of Corporate Communications & Marketing | Leadership |
Lauren McDougall | Head Of Internal Audit | Leadership |
68 more people are available in the full profile.
Complete people profiles for MFS Africa
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
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- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
Investments & Acquisitions by MFS Africa
MFS Africa has strategically engaged in corporate development activities, having acquired 6 companies. Notable acquisitions include Baxi Box, Beyonic and Capricorn Digital.
| Company Name | Description | Domain | Location | Founded | Acquired | Amount |
|---|---|---|---|---|---|---|
Global Holdings is engaged in secure payment processing for debt settlement. | ghllc.com | United States | 2003 | Jun 2022 | $34M | |
Payment processing services are provided to businesses and consumers. | gtpprepaid.com | Tulsa, United States | 2003 | Jun 2022 | $34M | |
Payment processing solutions are provided for businesses and merchants. | capricorndigi.net | Lagos, Nigeria | 2003 | Oct 2021 | •••• | |
Payment processing solution for consumers and businesses | baxibox.com | Lagos, Nigeria | 2012 | Oct 2021 | •••• | |
Mobile money aggregation platform is provided for African businesses. | beyonic.com | Kampala, Uganda | 2011 | Jun 2020 | •••• | |
Online API-based distribution and payments solution | sochitel.com | London, United Kingdom | 2007 | Jul 2016 | •••• |
Complete acquisition details for MFS Africa
Acquired stakes, deal sources and the complete acquisition history require an active premium plan.
- Acquired stakes
- Deal sources
- Complete history
- Exports
Verified entity values are shown only after access is granted.
Timeline of MFS Africa
9 dated milestones of MFS Africa across 13 years, from founding to its latest funding, stage changes and deals.
- Founded MFS Africa is founded.
- Acquisition Acquires Sochitel.
- Funding First funding round of $1.5M.
- Acquisition Acquires Beyonic.
- Acquisition Acquires Baxi Box.
- Acquisition Acquires Capricorn Digital.
- Acquisition Acquires Global Technology Partners.
- Acquisition Acquires Global Holdings.
- Funding Latest funding round, Series C, of $100.0M.
Latest news on Mfs Africa
Complete news archive for MFS Africa
Full article history, source details, and older brand coverage require an active premium plan.
- Full article archive
- Source and publication date
- Older coverage
- Brand-specific news history
Verified entity values are shown only after access is granted.
Similar companies to MFS Africa
10 companies that operate in the same segment as MFS Africa (Travel Fintech), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Digital entertainment, e-commerce, and financial services are provided globally. | 2006 | Singapore | USD 721.47 M | USD 22.94 B | 80,700 | |
Digital payment services via UPI, cards, and wallets. | 2019 | Bengaluru, Karnataka, India | – | USD 8.79 | 74 | |
Provides an app-based platform for group expense sharing and bill splitting. | 2015 | Bengaluru, Karnataka, India | USD 2.47 M | – | 177 | |
Offers agent-based solutions for secure payment processing. | 2015 | Ludhiana, Punjab, India | – | – | – | |
Venture capital funding and support for pre-seed and seed-stage startups in India. | 2019 | Mumbai, Maharashtra, India | – | – | – | |
EPSILON NET is engaged in providing business software solutions. | 1999 | Kallithea, Attica, Greece | – | – | – | |
Offers payment gateways, links, and services for online transactions and business payments. | 2009 | Noida, Uttar Pradesh, India | – | – | – | |
Mobile app for phone payments at merchants without wallets or internet. | 2014 | Bengaluru, Karnataka, India | – | USD 103.98 K | 10 | |
Investment in Indian startups across technology and fintech sectors. | 2012 | Mumbai, Maharashtra, India | – | – | – | |
Fintech platform offering AEPS, Micro ATM, recharge, and money transfer services. | 2021 | Delhi, Delhi, India | – | USD 4.61 M | 292 |
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Frequently Asked Questions about MFS Africa
MFS Africa was founded in 2009 and raised its 1st funding round 8 years after it was founded.
MFS Africa is headquartered in Accra, Ghana. It is registered at Accra, Greater Accra, Ghana.
MFS Africa is a funded company, having raised a total of $177.24M across 9 funding rounds to date. The company's 1st funding round was a Series A of $1.54M, raised on Dec 2017.
MFS Africa operates with a B2B model, focusing on offering financial products and advice, fintech, facilitating mobile payments, and cross-border transfers. Serves as a mobile money hub facilitating secure cross-border transfers for users worldwide. It emphasizes efficiency, client-focused solutions, and growth, fostering partnerships and innovation in its operations.
MFS Africa has made 6 acquisitions, including Baxi Box, Beyonic, and Capricorn Digital.
MFS Africa has 18 investors. Key investors include Lendable, Gov.uk, Stanbic IBTC, AXA Investment Managers, and FSD Africa.
MFS Africa operates through Mfs Africa Uk Limited.