Digital payment processor MFS Africa has acquired Beyonic, a South Africa-based business finance management system and graduate of an accelerator backed by financial services firm Barclays.
Beyonic has created a software platform that helps businesses digitally manage and disburse capital through payroll, petty cash and expenses. The deal will widen MFS Africa’s product offering while giving Beyonic customers access to a wider range of financial services.
The company had graduated from Barclays and accelerator operator TechStars’ joint South African venture, Barclays Accelerator, powered by Techstars, in 2016.
Dare Okoudjou, MFS’s founder and chief executive, said: “With the MFS Africa Hub, we have been creating new digital pathways between mobile money users in Africa and the global economy.
“With the acquisition of Beyonic, we can now put this digital payment network at the service of those entrepreneurs whether they are [small and medium-sized enterprises], fintechs or social impact organisations.
“By combining MFS Africa’s and Beyonic’s assets and capabilities, we can unleash the wealth of opportunity that business within Africa, and with Africa, presents to the wider world.”