Cape Town-based fintech Moment has raised $22m (about R364m) in Series A funding to accelerate the expansion of its payments platform across Africa, taking its total funding to $55m (more than R900m) since launch.
The funding round was led by AlphaCode Venture Partners, with continued backing from General Catalyst and MultiChoice, as well as new investment from Canal+.
Moment said the funding will be used to strengthen its payments network, enhance its platform and support further expansion across the continent.
Founded three years ago, the company provides payment collection and revenue retention solutions for corporate and enterprise merchants. Its platform supports multiple digital payment methods, including cards, mobile money, instant bank transfers, eWallets, recurring bank debits and in-person payments.
According to the company, its platform processes around 600,000 transactions a day for 10 million people each month across Africa, while supporting an in-person payment network of more than two million locations.
AlphaCode Venture Partners General Partner Dominique Collett said Africa's fragmented payments landscape continues to present challenges for businesses operating across multiple markets.
"Africa's payment complexity has long been a hidden tax on commerce," said Collett. "Moment is dismantling that barrier at continental scale with a product that has already been validated by some of the market's largest enterprises."
Moment CEO Joel Yarbrough said the platform was designed to address the diverse payment preferences across African markets.
"Within three years of launch, we are processing for 10 million people a month across some of Africa's leading brands," he said. "We've built a platform that can deliver on the particular challenges of the African market and help businesses get paid faster and at lower cost."
The company said its offering includes recurring payment tools, customer engagement capabilities, failed payment recovery and integrations with enterprise billing systems, alongside low- and no-code tools that enable merchants to deploy the platform with limited technical effort.
Following its acquisition of MultiChoice, Canal+ has also joined as an investor.
Chief diversification officer Thomas Follin said the company saw an opportunity to expand digital financial access across Africa through the partnership.
Sanlam technical lead Giulio di Giannatale said the insurer was working with Moment on initiatives including embedded insurance within payment flows, data-driven collection optimisation and expanding flexible payment options across African markets.
Moment said the additional funding will also support further development of its reconciliation and back-office clearing capabilities to help merchants improve payment collection and settlement across the continent.
