SA fintech startup Moment raises $22 M funding to build payment infrastructure
Moment, a South African fintech startup, has secured US $22 million to build one of the most sophisticated payment infrastructure companies on the continent, providing corporate and enterprise merchants with a full range of payment collection and revenue retention solutions.
Recurring payments, customer outreach tools, failed payment recoveries via digital and in-person channels, and the option to directly connect Moment to their enterprise billing systems are just a few of the unparalleled collection tools that Moment provides to billers and merchants, including insurers and subscription platforms.
AlphaCode Venture Partners led the company’s Series A funding round, with additional investments from Canal+, General Catalyst, and MultiChoice. The additional money from this Series A investment will be used by the company to expand throughout Africa more quickly, improve its platform, and strengthen its network.
“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,” said Dominique Collett, general partner at AlphaCode Venture Partners.
