African Payments Firm Moment Raises $22 Million to Expand Enterprise Payment Network
Cape Town-based payment infrastructure firm Moment has raised $22 million in a Series A round led by AlphaCode Venture Partners. Existing investors General Catalyst and MultiChoice participated, while Canal+ joined as a new investor. The company says it has now raised $55 million in total. Moment helps businesses collect and reconcile payments across African markets where cards, bank transfers, mobile money, e-wallets and cash payments operate on different systems. Its platform supports enterprise clients such as billers, insurers and subscription businesses, including payment collection in Nigeria where bank transfers are widely used. The company says it processes about 600,000 transactions daily for 10 million people each month. The new funding will be used to expand its payment network, improve its platform and enter more African markets.
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