Pan-African fintech company Moment has raised $22 million (about R364 million) in a Series A funding round as it looks to expand its payment infrastructure and help businesses collect revenue more efficiently across African markets.

The round was led by AlphaCode Venture Partners, with existing investors General Catalyst and MultiChoice continuing their backing. Canal+ also joined the round as a new investor. The latest investment takes Moment's total funding since inception to approximately $55 million (more than R900 million).

Moment plans to use the new capital to expand its payment network, strengthen its technology platform and accelerate its presence across more African markets. The company's broader goal is to make it easier for businesses operating across the continent to accept payments despite the significant differences between countries and payment systems.

Africa's payments market remains highly fragmented. The payment method that dominates in one country may be far less common in another, creating challenges for companies that operate across multiple markets. Businesses often have to integrate several payment providers to accommodate local preferences.

In South Africa, for example, a significant share of transactions still takes place at physical retail locations despite widespread access to banking services. Nigeria has a very different payment environment, where instant bank transfers have become highly popular alongside cash, cards and digital wallets.

Mobile money is particularly important in several other African markets where traditional banking penetration is lower. However, the presence of numerous mobile money operators can make it difficult for businesses to build a single payment system capable of reaching customers across different countries.

Moment is positioning its platform as a solution to this fragmentation. The company provides businesses with access to multiple payment methods through a single infrastructure, allowing customers to pay using the options that are most familiar and accessible in their respective markets.

According to CEO Joel Yarbrough, Moment now processes payments for approximately 10 million people each month, working with some of Africa's largest businesses. The company says its network handles about 600,000 transactions every day, even in markets where unreliable electricity and connectivity can create significant operational challenges.

Its payment infrastructure supports cards, mobile money, instant bank transfers, eWallets, recurring bank debits and physical payments. This gives merchants the ability to serve customers who may have very different preferences for how they pay.

Moment is also targeting businesses with recurring revenue models, including insurers and subscription-based companies. Its tools cover recurring collections, customer communication, failed-payment recovery and connections to enterprise billing systems.

The fintech also provides APIs for businesses that want to integrate payment functionality directly into their technology stacks. For companies without large technical teams, Moment offers low-code and no-code tools designed to make it easier to begin collecting payments without extensive development work.

AlphaCode Venture Partners said the investment reflects its belief that fragmented payment systems represent a major obstacle to commerce across Africa. The firm sees Moment's infrastructure as an opportunity to reduce that complexity for large businesses while expanding access to digital financial services.

Canal+, which recently acquired MultiChoice, also highlighted Moment's ability to reduce costs while improving payment performance for businesses operating subscription and billing models across Africa. The investment could further strengthen Moment's relationship with companies within the broader MultiChoice and Canal+ ecosystem.

Moment is also working with major financial services companies such as Sanlam, where the fintech is exploring applications including embedded insurance, data-driven payment optimisation and more flexible payment options for customers.

With the latest funding, Moment plans to expand the number of local payment methods available through its platform while improving the technology used for reconciliation, collections and back-office financial operations.

The company believes that making it possible for businesses to collect payments through multiple channels—and recover failed payments more effectively—can help merchants receive revenue faster while reducing the cost and complexity associated with operating across Africa.

As digital commerce continues to grow, Moment's latest funding round highlights the increasing investor interest in infrastructure that can connect Africa's highly diverse payment ecosystems. Rather than relying on a single payment method, the company is betting that a unified platform capable of supporting local preferences across multiple markets will be critical to the next phase of digital commerce on the continent.