As its other businesses continue to struggle, Multichoice is making a play at payments.
Multichoice Group has announced that it is launching a new integrated payments platform in a partnership with Rapyd, B2B payment processing platform, and General Catalyst, a venture capital firm that provides earlystage and growth equity investments.
The platform, to be housed under an entity called Moment, will aim to offer payment infrastructure for businesses across Africa to help them collect and make payments easier, quicker, and more affordable in any manner that their buyers or suppliers prefer.
Additionally, the platform will offer options for consumers to spend and save money more wisely with an aim to transform the African payments landscape by making digital payments more accessible and reliable for domestic, crossborder and global payments.
Multichoices stock was down by almost 2 by market close from its opening price , perhaps pointing to the shareholders lack of faith in the companys ability to make a mark in an already extremely competitive payments space.
We are excited about our venture with Rapyd and General Catalyst.
It will address the need for an accessible and reliable payment platform for many small businesses and millions of consumers in Africa.
Investing in this venture is a logical progression for us, as we already process payments every month from 22 million households across 50 countries in Africa.
- A necessary pivot
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