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Fintech company Moment has announced the close of its $22 million Series A funding round, led by AlphaCode Venture Partners, with continued investment from General Catalyst, MultiChoice, and fresh investment from Canal+.
Moment is a pan-African payment infrastructure company headquartered in Cape Town, with offices in Dubai, Johannesburg, Lagos, Kigali, and London. The company provides omni-channel payment solutions, intelligent collection tools, and embedded financial services to African businesses. Moment is further backed by Entrée Capital, the Raba Partnership, and Helios Investment Partners.
Dominique Collett, general partner at AlphaCode Venture Partners, 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.”
Africa’s payment landscape is notoriously fragmented, with local payment behaviour varying dramatically across markets. In South Africa, over two-thirds of payments are still made in person at retail locations despite high bank penetration. In Nigeria, instant bank transfers dominate, with strong competition from cash, cards, and digital wallets. In other markets, mobile money platforms have thrived due to low bank penetration, but are fragmented across dozens of operators, with no single provider able to offer merchants unified collections across all channels.
Yarbrough explains that Moment was built to solve this. “Within three years of launch, we are processing for 10 million people a month across some of Africa’s leading brands. We support the full spectrum of locally preferred digital payment methods as well as an in-person acceptance network spanning over two million physical locations. Our platform is highly resilient, and we process 600,000 transactions a day despite power and connectivity problems that plague the market. 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.”
Thomas Follin, chief diversification officer at Canal+, commented, “Following Canal+’s acquisition of MultiChoice, we took a close look at Moment, and we were genuinely impressed. Moment has driven down cost and improved quality simultaneously. The business provides world-class technology for enterprise-grade subscription and billing customers that operate in Africa. Together we see a compelling opportunity to expand digital financial access across the continent.”
Moment offers billers and merchants, such as insurers and subscription platforms, a suite of collection tools including recurring payments, customer outreach tools, and failed payment recoveries across digital and in-person channels.
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