MFS Africa

remittancesnetwork settlement

FOUNDING YEAR: 2010
LOCATION: South Africa
Last Update: 22/10/2019

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About

MFS Africa works with mobile payment networks, banks, and financial organizations to give simple & relevant financial offers to the unbanked and underbanked customers. It offers forex, technical interconnection, and financial settlements between banks, mobile wallet operators, financial organizations & other partner connected to their hub.

Focus

PRODUCTS & SERVICES

The company offers an API that enables banks and financial institutions to offer financial services, payments & money remittances to mobile wallet users. The API integrates with banks to create relevant financial offers for underserved customers through their mobile wallets. Cross-border payments, money transfer from one mobile wallet to another can also be achieved with the MFS interoperating interface. It also provides a secure & traceable network for bulk payments to transfer salaries and commissions, which is ideal for the corporate sector.

REVENUE MODEL

Commission-based transactions between the customer and bank/financial institution.

EXISTING PARTNERSHIPS

MTN

Vodafone

Orange

and Airtel.

People

FOUNDERS

Dare Okoudjou

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Equator Capital Partners

FSD Africa

Goodwell

LUN Partners

ShoreCap III

KEY EMPLOYEES:

Dare Okoudjou (CEO)

Momentum

FUNDED

YES

TOTAL FUNDING

$4.5 M

DATE OF LAST FUNDING

Oct 2018

TOTAL FUNDING COMMENT

The company will use the funds to broaden its reach in providing cross-border, cross-currency, and cross-network solutions to merchants, mobile network operators, and money transfer companies.

FUNDING SERIES

SERIES B  · $4.5 M  · Sep 2018

LISTED

NO

BASICS

FOUNDING YEAR:

2010

LOCATION:

South Africa

Views:

219 VISITORS | 347 VIEWS
LATEST FUNDING ROUND

$4.5 M

TOTAL EMPLOYEES
11-50

About

MFS Africa works with mobile payment networks, banks, and financial organizations to give simple & relevant financial offers to the unbanked and underbanked customers. It offers forex, technical interconnection, and financial settlements between banks, mobile wallet operators, financial organizations & other partner connected to their hub.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

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