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The African startup economy is growing faster than the global economy. Last year, various African startups celebrated wins displayed in dollar signs. There was a slew of high-performing investment rounds which included uLesson ($15M), Metro Africa Xpress Inc. ($31M), and MFS Africa ($100M). We could certainly go on but those numbers are proof that African startups are growing at a rate we have not seen before. According to a LinkedIn posting by Founders Factory Africa’s Accelerator Lead Nicole Dunn, it was said that African startups raised $1 million every two hours in 2021 with a total of $4.9 billion invested in African startups. Now more than ever, investments are soaring in Africa. Here is why.
Designed to make Africa’s payment system as simple as a phone call, MFS Africa has coined the title of the continent’s largest digital payment gateway. According to TechCrunch, the fintech has received funding totaling $100 million in a Series C round distributed between $70 million equity and $30 million debt. The round was led by private equity fund AfricInvest FIVE alongside Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, Endeavor Harvest, and ShoreCap III also participated in the round. The recent funding marks a new chapter for founder and CEO Dare Okoudjou, who has never had funds reciprocated from their personal acquisitions and investments by fintech on the continent. The London-based company was backed by the principle of making the transaction of money simple and easier for Africans. Combining over 320 million mobile money wallets throughout over 35 African countries and 700 corridors, the payment giant facilitates the...