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

Overview of Transaction

  • On June 14, 2022, Onafriq (formerly MFS Africa), Africa’s largest digital payments network, announced that it has secured an additional $100 million in equity and debt funding led by Admaius Capital Partners, taking the total amount raised in the round to $200 million; new investors Vitruvian Partners and AXA Alt IM joined the extension, alongside existing investors AfricInvest FIVE and CommerzVentures, who re-invested in the extension
  • Providers of debt financing included Stanbic IBTC Bank and Symbiotic; Stanbic IBTC Bank will be partnering with Onafriq to support the growth of the recently acquired BAXI network of merchants and agents in Nigeria
  • Since the first close of its Series C in November 2021, Onafriq has completed its acquisition of BAXI, which received additional licenses from the Central Bank of Nigeria including PSSP and PTSP licenses; Onafriq also recently acquired Global Technology Partners (GTP) to accelerate its offering of card connectivity to mobile money users
  • Founded in 2010, Onafriq is now present in 35+ African countries; its offering provides a single platform for remittance into and intra Africa, cross-border and domestic payments using mobile money schemes

Significance of Transaction

  • The new funding will further accelerate Onafriq’s expansion plans across Africa, its integration into the global digital payment ecosystem, its expansion into Asia through its joint venture with LUN Partners to enable cross-border digital payments between Africa and China, and its ambitious growth plans for the BAXI network of merchants and agents in Nigeria and beyond

FT Partners' Role

  • FT Partners served as the exclusive financial and strategic advisor to Onafriq
  • FT Partners previously advised the Company on a large capital raise along with three strategic acquisitions
  • This transaction underscores FT Partners’ unparalleled domain expertise in the Payments space and successful track record of executing deals in emerging markets