Moment, a pan-African FinTech, has closed a $22m Series A funding round led by AlphaCode Venture Partners, with continued backing from General Catalyst and MultiChoice, alongside fresh investment from Canal+.
The raise brings Moment's total funding since launch to $55m, capital the company has used to build what it describes as one of the continent's most sophisticated payment infrastructure platforms.
Its offering spans payment collection and revenue retention tools built specifically for corporate and enterprise merchants operating across Africa. Proceeds from the new round will go towards strengthening Moment's network, upgrading its platform capabilities, and pushing further into new African markets.
The fresh capital arrives against the backdrop of a payments landscape that varies enormously from one African market to the next. In South Africa, in-person retail payments still account for more than two-thirds of transactions, even though bank penetration is comparatively high, it said.
Nigeria's market leans heavily on instant bank transfers, competing against cash, card and digital wallet usage. Elsewhere, mobile money has become the dominant channel in markets with lower bank penetration, though the space remains split across numerous separate operators, leaving merchants without a single way to collect payments across all channels.
Moment positions itself as the answer to that fragmentation. The company says it now processes payments for 10 million people every month on behalf of some of Africa's best-known brands, supporting the full range of digital payment preferences alongside an in-person collection network covering more than two million physical sites.
It handles 600,000 transactions daily, a volume the company says its infrastructure sustains despite the power outages and connectivity gaps common across the region.
Headquartered in Cape Town, the company delivers omni-channel payment solutions, intelligent collection technology and embedded financial services to some of the continent's largest businesses. Its backers include General Catalyst, Canal+, MultiChoice, AlphaCode Venture Partners, Entree Capital, the Raba Partnership and Helios Investment Partners.
Moment's product suite gives billers and merchants, including insurers and subscription businesses, tools for recurring billing, customer outreach, and recovering failed payments across both digital and physical channels, with the option to connect directly into a merchant's existing enterprise billing system.
Customers can accept whichever payment method their own customers prefer, including cards, mobile money, real-time bank transfers, eWallets, recurring bank debits and cash-based in-person payments. Alongside its API infrastructure, Moment provides low- and no-code tools designed to let merchants start collecting payments quickly without heavy technical investment.
AlphaCode Venture Partners General Partner Dominique Collett said, 'Africa's payment complexity has long been a hidden tax on commerce - on every business trying to grow here, and on every household trying to participate in the digital economy. Moment is dismantling that barrier in a way we haven't seen before: at continental scale, compliantly, and with a product that the market's largest enterprises have already validated. We're backing Joel Yarbrough - Moment's CEO - and his team as they build a defining piece of Africa's financial infrastructure.'