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News > Private Equity > Deals

ShoreCap III makes maiden investment

Africa Global Funds
Nov. 8, 2018, 10:21 p.m.
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Equator Capital Partners, an impact fund manager, has announced the first investment from its new ShoreCap III fund in MFS Africa, a Pan-African fintech company, operating the largest digital payments “hub” on the continent. 

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Equator Capital Partners, an impact fund manager, has announced the first investment from its new ShoreCap III fund in MFS Africa, a Pan-African fintech company, operating the largest digital payments “hub” on the continent. 

The MFS Hub is connected to over 170 million mobile wallets in Sub-Saharan Africa, offering exceptional reach for financial services providers. 

Financial terms were not disclosed.

Financial technology applications by Microfinance and Micro insurance companies, SME Banks, leasing companies, and housing finance companies give rise to a strong set of new investment opportunities across the continent.

Franklin Kennedy, Managing Director of Equator Capital Partners, said: “We are pleased to announce our investment in MFS Africa. MFS Africa is well positioned to scale and deliver mobile-based financial services that are vital to tens of millions of underbanked clients in Africa.”

“Led by seasoned mobile money technology specialists, MFS Africa has great potential to further connect consumers and small businesses, and to facilitate cross-border remittance and trade transactions within Africa,” he added.

Dare Okoudjou, CEO of MFS Africa, said: “We’ve dedicated years developing and refining our MFS Hub to connect mobile money users across Africa to each other and to the global payments ecosystem. We regard this investment and new partnership with Equator Capital Partners as a testament to our performance and unique potential; we look forward to working with them to bring innovative mobile-based financial services to our network.”

Dedicated to inclusive finance in Africa, ShoreCap III, partners with forward looking African management teams to invest in situations where there is a demonstrable market and social development opportunity.
Equator’s team has a history of broad engagement with its portfolio companies, including support for credit policies and procedures, new product introductions, equity and debt fundraising, good governance, IT and system support, as well building environmental and social awareness.

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