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FT Partners Advises Onafriq (formerly MFS Africa) on its $100 million Series C Financing

Overview of Transaction

  • On November 10, 2021, Onafriq (formerly MFS Africa) announced that it raised $100 million in Series C financing co-led by AfricInvest, Goodwell and LUN Partners
  • The milestone fundraise will allow the Company to further its mission in becoming the leading “Network of Networks” in Africa’s payment ecosystem and continue to enable millions of mobile money wallets to perform simple and instant cross-border transactions
  • Founded in 2010, Onafriq is now present in 30+ African countries; its offering provides a single platform for remittance into and intra Africa, cross-border and domestic payments using mobile money schemes
  • Onafriq’s deep expertise in the continent's payment network has led to several innovations, and the JV with LUN Partners Group addresses the cross-border collections problem in the Africa-China corridor by providing faster and safer cross-border digital payments for Asian and African SMEs, e-commerce and streaming
  • Its partnership with Visa will further introduce new financial products, and the Company is looking to launch Emerging Enterprise Solutions which targets 5,000 SMEs on the platform by Q4 2022
  • Onafriq recently acquired Baxi, a leading Nigerian super-agent, and plans to build Baxi into a key node, allowing regional payments to and from Nigeria

Significance of Transaction

  • Onafriq will use the Series C funds to further the geographical expansion of its network in Africa as well as open offices in the US and China; continue to hire global talent; strengthen its Governance, Risk and Compliance functions; and invest in new strategic opportunities across the continent

FT Partners' Role

  • FT Partners served as exclusive financial and strategic advisor to Onafriq
  • This transaction underscores FT Partners’ deep domain expertise and unrivaled track record in the Payments space across emerging markets, especially Africa