Pan-African fintech firm Moment has announced the close of its $22 million (R362 million) Series A funding round.
The investment, led by AlphaCode Venture Partners, with continued investment from General Catalyst, MultiChoice, and fresh investment from Canal+, rounds up the $55 million (over R900 million) that Moment has raised since inception.
According to a statement, the company will use the additional funding from the Series A round to deepen its network, enhance its platform and accelerate expansion across Africa.
Dominique Collett, general partner at AlphaCode Venture Partners, comments: “Africa’s payment complexity has long been a hidden tax on commerce − on every business trying to grow here, and on every household trying to participate in the digital economy.
“Moment is dismantling that barrier in a way we haven’t seen before, at continental scale, compliantly, and with a product that the market’s largest enterprises have already validated. We’re backing Joel Yarbrough, Moment’s CEO, and his team as they build a defining piece of Africa’s financial infrastructure.”
MultiChoice-owned fintech firm Moment was established to develop an advanced payment infrastructure business, given the continent’s fragmented payment landscape. For example, in some markets, mobile money platforms have thrived due to low bank penetration but are fragmented across dozens of operators.
The fintech offers billers and merchants, such as insurers and subscription platforms, a suite of collection tools, including recurring payments, customer outreach tools, failed payment recoveries across digital and in-person channels, and the ability to directly link Moment to their enterprise billing systems.
Moment’s Yarbrough explains: “Within three years of launch, we are processing for 10 million people a month across some of Africa’s leading brands. We support the full spectrum of locally-preferred digital payment methods, as well as an in-person acceptance network spanning over two million physical locations. We process 600 000 transactions a day despite power and connectivity problems that plague the market.”
Thomas Follin, chief diversification officer at Canal+, adds: “Following Canal+’s acquisition of MultiChoice, we took a close look at Moment, and we were genuinely impressed. Moment has driven down cost and improved quality simultaneously.
“The business provides world-class technology for enterprise-grade subscription and billing customers that operate in Africa. Together we see a compelling opportunity to expand digital financial access across the continent.”
In addition to its application programming interface, Moment offers low- and no-code tools to get merchants up-and-running, allowing them to collect payments and retain their customers with limited technical effort.
Giulio di Giannatale, technical lead at Sanlam, states: “What excites Sanlam most about Moment isn’t just what they do today, it’s the roadmap we’re building together. From embedded insurance in payment flows, to data-driven collection optimisation, to serving the mass market across Africa with flexible, customer-first payment options.
“This fundraise gives them the runway to accelerate what we’ve already proven works, and we look forward to deepening our collaboration across the Sanlam group.”
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