Moment Raises $22 Million to Solve Africa’s Payment Fragmentation Problem

Pan-African payments startup Moment has closed a $22 million Series A funding round, bringing its total raised to $55 million in just three years. The company, which powers payment infrastructure for major African businesses and processes 600,000 transactions daily, secured the investment led by AlphaCode Venture Partners with continued support from existing investors General Catalyst and MultiChoice.

Notably, Canal+, now the parent company of MultiChoice following last year’s acquisition, also participated in this round. This represents a strategic move for Canal+ to invest directly in the payment infrastructure that supports its DStv and streaming services across Africa—a sign of how media companies are seeking end-to-end control over subscriber financial journeys.

“We’re already serving 10 million people monthly through some of Africa’s leading brands,” said CEO Joel Yarbrough. “The ability to process 600,000 transactions daily despite unreliable power and connectivity demonstrates the resilience we’ve built into our platform.” The funding will accelerate Moment’s expansion across the continent while enhancing its core technology.

The company addresses a critical challenge for businesses operating in Africa—the fragmentation of payment systems. Unlike more unified markets, Africa consists of numerous regional ecosystems with varying preferences: South Africa favors in-person transactions despite high banking penetration; Nigeria relies on instant bank transfers alongside cash and mobile wallets; while East and Francophone West Africa have embraced mobile money across multiple providers.

For companies seeking to accept payments across several African markets, this fragmentation creates operational complexity requiring multiple integrations and reconciliation processes. Moment offers a single platform that handles all major payment methods in each region—including card processing, bank transfers, mobile wallets, and cash acceptance—while maintaining functionality during power outages or network disruptions.

Since launching three years ago, Moment has quietly become the infrastructure layer for numerous well-known African brands, enabling them to offer seamless omnichannel payments across millions of physical locations. With this new funding, the company is poised to extend its reach further across the continent.