Douala-based fintech company Maviance PLC has secured $3-million in a seed investment round led by MFS Africa, the pan-African digital payments hub.
The fintech company will use the funding to increase its presence in Cameroon and expand its business model into other countries in the central African economic region (CEMAC).
Dare Okoudjou, CEO and founder of MFS Africa comments on the investment made into the fintech.
“The rapid development of digital financial services that we have seen in Cameroon over the past few years is poised to spread across the CEMAC region. This will further accelerate the demand for domestic and cross-border payments from MSMEs, social enterprises, and corporates in the region. Maviance, as a key infrastructure provider with its set of highly relevant products, is well-positioned to benefit from this growing demand. That is why we are thrilled to be partnering with the company, as we continue to broaden and deepen the reach of the MFS Africa Hub across Africa.”
Founded in 2012 by Jerry Cheambe and Michael Flach, the fintech company is a digital financial service provider and technology consulting company, offering value-added services as well as industry-specific web and mobile solutions for telecom, utilities, financial institutions, businesses, and governments.
The fintech provides MSMEs with access to digital financial services to grow, their businesses and claims to serve over 500 000 unique customers each month. In addition, Maviance, also known as Smobilpay, connects MSMEs with key service providers, payment providers, financial institutions, and mobile money operators to its Smobilpay digital financial services platform.
Smobilpay’s digital financial services help businesses improve their sales by encouraging their customers to move away from cash-based transactions to digital.
The fintech’s platform empowers underserved MSMEs, agents, banks and financial institutions’ customers within the CEMAC region with more accessible digital financial services solutions. Maviance’s growing network of agents and MSME partners offers their customers a wide array of digital financial services.
Jerry Cheambe, the founder of Maviance comments on the company’s expansion.
“We are very excited about Maviance’s product pipeline and expansion. The opportunities within central Africa are huge, and the demand has been massively accelerated in the last 12 months with the advent of Covid-19 as businesses of all sizes adopt digital financial services. Moreover, the shift in the mindset of regulators towards progressive regulations as well as regulatory alignment, enable us to deliver seamless services across multiple geographies and customer segments.”