South Africa’s Mama Money accelerates global expansion, appoints new CEO

SOUTH AFRICAMama Money, the Cape Town-based fintech, has appointed Nicolas Vonthron as CEO, as the start-up has set its sights on expanding its global footprint, which now reaches over 50 countries across Africa, Asia and Europe.

In a statement, it says this year, Mama Money’s cross-border money transfer volumes more than doubled compared to the previous quarter, with the aim to double its market share by developing new services as it enters new regions.

According to the fintech firm, from 2018 to 2021, its volume increased by over 600% as it enabled migrants in South Africa to send money to their families in countries such as Zimbabwe, Mozambique, Nigeria, India, Bangladesh and Pakistan.

It notes that Vonthron, who had an international corporate career before joining Mama Money in 2018, has over 15 years of experience in the mobile and payments industry at large multinationals.

“What differentiates Mama Money is that our growth is not fuelled by external investments. Our business model balances fast growth, performance and operational efficiency with a very caring company culture,” said Vonthron.

“Our future prospects are extremely promising, but more importantly, the opportunity for social impact is even greater.”

The next stage of growth for the international payments fintech will come from new products, including a bank card to service millions of migrants in SA and an inbound payments service to facilitate money transfers into Africa and Asia from the rest of the world.

Mama Money’s evolution will see it develop a customised suite of services that cater to the needs of millions of migrants, it says.

This may include affordable insurance and financial support services for critical needs such as healthcare and education.

Mama Money’s co-founders Mathieu Coquillon and Raphael Grojnowski have led the business since its launch in 2015, says the firm.

It adds that both remain in the business, heading business units, catering to their strengths and working closely with teams to ensure the culture is maintained and goals are achieved.

“Our team culture is our greatest strength. The work we do has a tangible impact on millions of people’s lives. We solve fundamental challenges through innovative tech. It’s the strongest foundation we have,” comments Coquillon.

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