Cape Town Fintech Moment Raises R364 Million to Expand African Payments Platform
Cape Town Fintech Moment Raises R364 Million to Expand African Payments Platform. Cape Town-based fintech company Moment has secured $22 million (about R364 million) in Series A funding to accelerate the growth of its payments platform across Africa, bringing its total funding since launch to $55 million (more than R900 million).
The funding round was led by AlphaCode Venture Partners, with continued investment from General Catalyst and MultiChoice. Canal+ also joined the round as a new investor.
According to Moment, the capital will be used to strengthen its payments network, enhance its technology platform and support its continued expansion across African markets.
Founded three years ago, the company provides payment collection and revenue retention solutions for corporate and enterprise merchants. Its platform supports a variety of digital payment methods, including card payments, mobile money, instant bank transfers, eWallets, recurring bank debits and in-person transactions.
Moment said its platform currently processes approximately 600,000 transactions every day for around 10 million people each month across Africa. The company also supports an in-person payment network spanning more than two million locations.
AlphaCode Venture Partners General Partner Dominique Collett said Africa’s fragmented payments ecosystem continues to create challenges for businesses operating across multiple countries.
“Africa’s payment complexity has long been a hidden tax on commerce. Moment is dismantling that barrier at continental scale with a product that has already been validated by some of the market’s largest enterprises,” Collett said.
Moment Chief Executive Officer Joel Yarbrough said the platform was developed to address the differing payment preferences that exist across African markets.
“Within three years of launch, we are processing for 10 million people a month across some of Africa’s leading brands. 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,” he said.
The company said its platform includes recurring payment capabilities, customer engagement tools, failed payment recovery features and integrations with enterprise billing systems. It also offers low-code and no-code deployment options to simplify implementation for merchants.
Following its acquisition of MultiChoice, Canal+ has joined Moment as an investor. Chief Diversification Officer Thomas Follin said the partnership presents an opportunity to expand digital financial access across the continent.
Sanlam Technical Lead Giulio di Giannatale said the insurer is collaborating with Moment on initiatives that include embedded insurance within payment processes, data-driven collection optimisation and the expansion of flexible payment options across African markets.
Moment said the latest investment will also support the continued development of its reconciliation and back-office clearing capabilities, with the aim of helping merchants improve payment collection and settlement across the continent.
