South African fintech startup Moment has raised US$22 million in funding to develop one of the continent’s most advanced payment infrastructure businesses, offering a comprehensive suite of payment collection and revenue retention solutions to corporate and enterprise merchants.
Moment offers billers and merchants such as insurers and subscription platforms an unrivalled suite of collection tools including recurring payments, customer outreach tools, failed payment recoveries across digital and in-person channels, and the ability to directly link Moment to their enterprise billing systems.
Its Series A funding round was led by AlphaCode Venture Partners, with continued investment from General Catalyst, MultiChoice, and fresh investment from Canal+. The company will use the additional funding from this Series A round to deepen its network, enhance its platform and accelerate expansion across Africa.
“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.
