- Moniepoint raises over $200mn to expand across Africa and globally
- Nigerian fintech’s success seen as proof of investor confidence in Africa
LAGOS, NIGERIA – Moniepoint, one of Africa’s fastest-growing fintech firms, has raised more than $200mn in a Series C funding round to accelerate its expansion across Africa and international markets.
The Lagos-based company said in a statement on Tuesday that the capital will help it build an all-in-one financial platform for African businesses, consumers, and the diaspora.
“The investment reflects Moniepoint’s rapid growth, sustained profitability and proven impact, and will fuel its ongoing mission to power the financial dreams of millions of businesses and their customers across Africa and the global diaspora,” the company said.
Africa’s fintech giant attracts global backers
The round was led by Development Partners International’s African Development (ADP) III fund and anchored by LeapFrog Investments, with participation from major investors including Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
Moniepoint’s CEO Tosin Eniolorunda described the funding as “a landmark” moment for the company, promising that the proceeds would be used prudently to sustain growth.
“We will not rest on our laurels. The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story – with financial happiness for Africans everywhere remaining our ultimate goal,” he said.
Founded in 2015 by Eniolorunda and Felix Ike as TeamApt Inc., Moniepoint has evolved from a payments infrastructure provider for banks into Nigeria’s leading business banking platform. It now offers digital payments, business and personal banking, credit, cross-border payments, and business management tools to over 10mn customers, processing more than $250bn in transactions annually.
Investors signal renewed confidence in Africa
Analysts say the successful completion of the round underscores renewed global confidence in African tech ventures, despite economic headwinds.
“It is a proof of the kind of trust that foreign providers of capital still have in Africa as well as Nigeria,” said Olaolu Boboye, investment research associate at CardinalStone, in an interview with Allen Dreyfus. “Despite our social and macroeconomic issues, we are still able to attract this kind of capital.”
Boboye noted that Moniepoint’s performance during Nigeria’s 2022 currency redesign crisis showcased its strength in facilitating transactions and expanding financial inclusion.
LeapFrog Investments Partner Karima Ola said micro, small and medium-sized enterprises (MSMEs) remain the backbone of African economies but often lack access to digital banking and credit.
“Moniepoint has become an indispensable partner to MSMEs by empowering them with the digital tools and trust they need to transact, grow, and employ others at scale,” he said.
Moniepoint remains one of the few fintechs globally – and the first in Africa – to achieve profitability at unicorn scale, solidifying its position as a model for the continent’s digital finance revolution.
