Latest news with #AfricInvest
Zawya
27-05-2025
- Business
- Zawya
MDP secures new Investment led by Lorax Capital and leading investors
Cairo, Egypt – MDP, a leading payments technology infrastructure group in the Middle East and Africa, is pleased to announce a new phase of growth following a strategic investment led by Lorax Capital Partners ('LCP'). The transaction marks the exit of long-time partner AfricInvest, whose support has been instrumental to the group's expansion in recent years. MDP delivers a fully integrated, one-stop-shop payments technology infrastructure ecosystem from card issuing, processing to cloud-native digital solutions through industry-leading developer platforms and embedded fintech capabilities to over 200 banks and 60 fintechs across Africa and the Middle East. To date, MDP has processed over 1 billion transactions and issued over 350 million cards and continues to support the region's financial inclusion and digital transformation efforts. The new investment, led by LCP, is backed by a consortium of global development financial institutions, including the European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), a member of the World Bank Group, and Proparco, subsidiary of the French AFD Group, focused on private sector development. Their involvement underscores a shared commitment to advancing financial infrastructure and digital innovation across the region. 'This investment marks a pivotal milestone in MDP's journey,' said Ahmed Nafie, Co-founder and CEO of MDP. 'We are proud of the robust platform and trusted reputation we've built across 40+ countries. With the backing of Lorax and a distinguished group of global institutional investors, we are well-positioned to accelerate our expansion, deepen our processing capabilities, and further scale our operations across Africa, the Middle East, and beyond. We also extend our sincere thanks to AfricInvest for their instrumental role in supporting our strategic growth and regional leadership.' This transaction marks the successful exit of AfricInvest, a leading pan-African private equity firm that has been a valuable partner in MDP's journey. Leveraging its extensive regional platform spanning 38 African countries, AfricInvest provided MDP with strategic guidance, operational support, and access to a network of key stakeholders in the financial services and fintech sectors. Throughout its investment, AfricInvest has driven operational enhancements, strategic partnerships, and value creation initiatives that have positioned MDP as a cornerstone in the region's fintech landscape. 'We believed in MDP's ability to pivot into payment processing and played a key role in transforming the company from a pure industrial player to a technology-driven leader. Today, MDP stands as a vital partner in Egypt's fintech and banking ecosystem, actively contributing to the country's financial inclusion strategy,' said Ismail Talbi, Senior Partner at AfricInvest. Skander Oueslati, Chief Investment Officer at AfricInvest, added, 'Our commitment to fostering regional connectivity and supporting portfolio companies in their pan-African expansion was a driving force in our partnership with MDP. We opened doors in sub-Saharan Africa, helping MDP to establish local partnerships and presence, paving the way for further growth'. Commenting on the partnership between MDP and the consortium, Mohamed Sadek, Managing Partner at LCP added 'We are excited to be backing MDP's founders in realizing their strategic vision of becoming the partner of choice for financial institutions across the region. We are confident that LCP and its highly experienced co-investors will play an important role during MDP's next phase of growth which will focus on further investments in technology, expanded product offering and geographic expansion.' About MDP: MDP is a leading card-issuing & digital processing platform. It enables businesses to roll out their financial solutions with end-to-end payment infrastructure offerings – from personalized card production to financial transaction processing and digital payment solutions. MDP empowers over 200 banks and 60 fintechs, supporting their growth with robust, scalable, and secure technology. With more than 30 years of market presence, MDP is acknowledged for accelerating payment experiences through a tech-driven approach. The company embraces the global adoption of innovative fintech solutions that provide seamless omni-channel customer experiences. Headquartered in Cairo, Egypt, MDP has an extended footprint in more than 40 countries globally. For further information on MDP, reach out to: Contactus@ About AfricInvest AfricInvest is a leading pan-African investment platform active in multiple alternative asset classes including private equity, venture capital, private credit, blended finance, and listed equities. Over the past thirty years, we have raised USD 2.3 billion to finance more than 230 companies at various development stages, delivering value and impact for our investors, portfolio companies, and the communities we serve. Our 100-strong team of investment experts in more than ten offices across three continents has a proven track record of providing attractive risk-adjusted returns while spurring productivity growth, creating jobs, and ultimately improving African lives through inclusive and sustainable development. For further information on AfricInvest, contact About Lorax Capital Partners Lorax Capital Partners ('LCP') is an Egypt-based private equity firm with a strong track record in growth investments and a team that has executed transactions worth over USD 46 billion. LCP brings deep expertise in the financial services sector in the Middle East and Africa, and partners with founders with long-term strategic vision and exceptional operational capabilities. For further information on LCP, contact info@
Wamda
09-04-2025
- Business
- Wamda
PayTic secures $4 million investment from AfricInvest
Morocco-based fintech PayTic has raised $4 million in funding, led by AfricInvest alongside Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete. Founded in 2020 by Imad Boumahdi, PayTic specialises in automating complex operational processes for card issuers, including reconciliation and chargeback management. The investment aims to support PayTic's expansion into North and Sub-Saharan African markets. Source: Tech Point Moroccan fintech startup PayTic has raised $4 million in funding to advance its payment automation solutions and facilitate expansion into North and Sub-Saharan African markets. AfricInvest led the funding round alongside Build Ventures, Axian Group, Mistral, Island Capital Partner, and Concrete. 'This significant investment is a powerful validation of PayTic's mission and the transformative impact we are delivering,' Imad Boumahdi, CEO of PayTic, said. 'Beyond the capital, this funding round brings invaluable strategic expertise, enabling us to accelerate our global expansion and reshape the future of payment operations.' Specialising in automating complex operational processes for card issuers, PayTic offers software-as-a-service (SaaS) solutions that streamline tasks such as reconciliation and chargeback management. Founded in 2020, PayTic has established a presence in multiple locations, including Charlottetown, Canada; Casablanca, Morocco; and London, UK. The company's platform serves banks, credit unions, fintech companies, and other payment actors, aiming to optimise workflow efficiency and scale backend programme management. The recent funding is expected to bolster PayTic's efforts to address the increasing demand for efficient payment processing solutions in Africa. The continent's digital payments economy is projected to reach $1.5 trillion by 2030, highlighting significant growth opportunities for fintech companies. This investment in PayTic reflects a broader trend of growing investor confidence in Africa's fintech sector. Despite a drop in funding, fintech startups in Africa still secured $1.4 billion from investors. According to Partech Partners, fintech investment in Africa grew 16% year-on-year in deal count and 59% year-on-year in funding. As PayTic prepares to scale its operations across the continent, the company is poised to contribute significantly to the evolution of payment automation in Africa, enhancing financial services and supporting economic growth in the region.
