It is well known that fintech and mobile are an enticing combination across the African continent. With mobile devices often being the only form of technology that people carry, delivering services through it becomes vitally important. It is part of the reason why MFS Africa has grown to be the largest digital payment gateways operating here.

Now MFS Africa is set to get larger, with the company recently confirming that it closed $100 million in Series C funding.

Private equity fund AfricInvest FIVE co-led the Series C round, the platform told TechCrunch, with existing investors Goodwell Investments and LUN Partners Group also featuring in the round.

CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest make up the new investors that were a part of the latest round, with the aforementioned $100 million split between $70 million in equity and $30 million in debt.

Unpacking the company’s vision in a session with the publication, CEO Dare Okoudjou says the goal for MFS Africa is to make it as easy to send and receive money on a phone in Africa as it is to make a phone call.

“If you sign to any mobile wallet somewhere in the world, starting with Africa, it should be enough to transact with anybody else in the world. That’s the grand mission of the company,” he explained.

The London-based company currently connects more than 320 million mobile money wallets across 35-plus African countries and this latest funding means it can continue to build on those already strong numbers and potentially branch into other markets.

If there is a fintech to watch on the continent, it may be MFS Africa.

[Image – Photo by Derick Anies on Unsplash]