30 Jun 2020
Pan-African FinTech leader MFS Africa has acquired Beyonic, a digital payments management provider for private, public, and charitable entities across Africa. This merger accelerates and broadens the digital payments space in Africa.
Both MFS Africa and Beyonic built solutions to simplify sending and receiving digital payments between people and organizations across the continent and around the world. While MFS Africa primarily focusses on enabling cross-border services, Beyonic focuses on domestic “last mile” payments and collections. The combined forces provide unparalleled possibilities for growing enterprises in 35 African countries and 60 globally.
Dare Okoudjou, Founder and CEO of MFS Africa, said, “Our platform helps create new digital pathways between mobile money users in Africa and the global economy, and by tapping into the close relationships that Beyonic has with its customer base of micro SMEs, NGOs, FinTechs and charities, we can unleash for them the wealth of opportunity that business with Africa presents to the wider world.”
Luke Kyohere, Founder and CTO of Beyonic, said, “MFS Africa’s mission to make borders matter less in digital payments aligns perfectly with Beyonic’s vision of helping enterprises deliver fast, affordable FinTech solutions to the last mile, where they are needed the most. Together, we will deliver the broadest and deepest digital financial services experience available across Africa to date.”
Monica Shupikai Simmons, Director of Tech Investment Bank, ICON Corporate Finance, who led the transaction said, “We are delighted to have advised Beyonic on its sale to MFS Africa. This deal is one of the most significant cross-border African FinTech M&A transactions in recent years, since global financial connectivity to Africa’s micro and SME sector, has never been more important. The combined company will provide a seamless financial platform enabling unparalleled digital commerce opportunities across Africa and beyond.”
This transaction further supports ICON’s global FinTech deal expertise.
DHui Lawyers provided legal advice to MFS Africa. Beyonic legal advice was provided by Nutter McClennen & Fish LLP.
"I'm tremendously grateful to Monica and the team at ICON for the professionalism and utmost effort put into streamlining, curating and managing this process. We're all very pleased with the result and look forward to working with Monica again!" Luke Kyohere, Founder and CTO of Beyonic
"ICON walked the journey from a Series A into an unexpected but welcome exit in under 12 months. During a global pandemic, we saw the successful exit of an African Fintech Startup into an African Fintech market leader, and Monica was with us every step of the way. Looking forward to the next one!" Carina Rumberger, CEO, Beyonic