MFS Africa

remittancesnetwork settlement

FOUNDING YEAR: 2009
LOCATION: South Africa
Last Update: 19/01/2021

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About

MFS Africa is a pan-African fintech company that develops innovative value added services for mobile wallets. The company works in close partnership with mobile network operators and financial institutions to bring simple and relevant financial services to un- and under-banked customers. MFS Africa currently connects over 170 million mobile wallet customers in sub-Saharan Africa. The MFS Hub also connects money transfer operators, banks, and merchants to mobile wallets in Africa, allowing these partners to take advantage of the growing popularity of mobile wallets as safe, convenient, compliant, and cost effective delivery channel for international remittances. For more information visit www.mfsafrica.com.

MEDICI Analysis

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

Goodwell Investments

LUN Partners

LUN Partners Group

ShoreCap III

KEY EMPLOYEES:

Dare Okoudjou (CEO)

Momentum

FUNDED

YES

NUMBER OF FUNDING ROUNDS

2

TOTAL FUNDING

$15.2 M

DATE OF LAST FUNDING

Jan 2020

IPO STATUS

Private

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.

ESTIMETED REVENUE RANGE

$10M to $50M

FUNDING SERIES

SERIES B  · $14 M  · Oct 2018

OTHERS  · $1.2 M · Jan 2020

LISTED

NO

company provided insights

Acquisitions

ACQUIREE NAME

Beyonic

ANNOUNCED DATE

Jun 2020

PRICE

---

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

2,539

AVERAGE VISITS (6 MONTHS)

2,014.9

MONTHLY VISITS GROWTH

231.07%

VISIT DURATION

125

VISIT DURATION GROWTH

-7.54%

PAGE VIEWS VISIT

3.52

PAGE VIEWS VISIT GROWTH

23.3%

BOUNCE RATE

40.64%

BOUNCE RATE GROWTH

9.53%

GLOBAL TRAFFIC RANK

3,089,362

MONTHLY RANK CHANGE

-6,704,871

MONTHLY RANK GROWTH

-68.46%

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