NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Abraham Augustine

MFS Africa is on a roll. Barely one week after the mobile payments fintech announced the acquisition of US-based Global Technology Partners, MFS Africa is announcing the close of a $100 million Series C extension. The new financing doubles its initial Series C raise of $100 million.

The round, a mixture of equity and debt,  was led by the private equity firm, Admaius Capital Partners, while  Vitruvian Partners and the alternative investments arm of AXA Investment Managers (AXA IM Alts) were new investors in the extension funding round. Some existing investors, AfricInvest FIVE and CommerzVentures, also put up more money, while Stanbic IBTC Bank Nigeria and Symbiotic provided the debt financing.

For Vitruvian Partners, a European private equity firm focused on middle markets, this is its first investment in Africa. Other previous investors in MFS Africa include LUN Partners Group, Goodwell Investments, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest, Equator Capital Partners, Ulme B.V., and Vlemeij B.V.

Photo courtesy of Pete Linforth.