MultiChoice’s fintech foray with Moment paying off
During the period under review, the fintech business raised an additional $22 million of funding, with MultiChoice contributing $8 million.
MultiChoice’s entry into fintech through its payment platform Moment is paying off.
Announcing its 2024 financial results yesterday, the company said that Moment, which processes payments for DStv, reached a milestone of $85 million in payments by early March.
Moment was founded in 2023 and officially launched in 2024. It was established as a collaboration between MultiChoice, the payments platform Rapyd, and the venture financing firm General Catalyst, with the goal of building an integrated payment platform for Africa.
The trio stated that they aimed to transform the African payments scene by making digital payments more accessible and reliable for domestic, cross-border, and global transactions.
MultiChoice said Moment played a significant role in the relunch of its video-on-demand platform, Showmax, by stepping up to fill a critical payment gap.
According to MultiChoice: “Not only did it (Moment) provide significant bespoke solutions to optimise flows for the Showmax platform, but in January 2024 Moment also began taking on MultiChoice’s payment volumes for DStv at scale.”
Led by Calvo Mawela as CEO, Moment has processed local and cross-border card payments in 44 Showmax markets and now accounts for more than 20% of the group’s payment volumes.
In addition, the company said Moment joined real-time payment networks in 18 countries, including South Africa, and is currently piloting instant payment and account activation for DStv.
During the period under review, the fintech business raised an additional $22 million of funding, with MultiChoice contributing $8 million. As a result, Moment is now valued at $82m and the pay-TV owns a 26% stake.
