Nigerian fintech unicorn Moniepoint Inc. has raised an additional $90 million in funding, bringing its total Series C round to $200 million and positioning the company for aggressive expansion across Africa and into international markets. The extension, announced October 21, 2025, introduces marquee investors including Visa, the International Finance Corporation (IFC), and LeapFrog Investments to Moniepoint’s cap table.
This latest tranche follows the company’s initial $110 million Series C raise in October 2024, which valued Moniepoint at over $1 billion, granting it unicorn status and making it one of Africa’s most valuable fintech companies.
A Stellar Investor Lineup
The $90 million extension was again led by Development Partners International (DPI) through its African Development Partners (ADP) III fund, which has now demonstrated strong conviction in Moniepoint’s trajectory by anchoring both tranches of the Series C.
New investors joining this round include LeapFrog Investments (known for backing Interswitch), Visa, and development finance institutions such as the International Finance Corporation (IFC), Proparco, and Swedfund (which contributed $10 million). Alder Tree Investments also joined, while Lightrock, Verod, and Google’s Africa Investment Fund returned as follow-on participants.
The participation of global payment giant Visa signals strong industry validation of Moniepoint’s payment infrastructure and growth potential. Similarly, IFC’s involvement reflects confidence in the company’s development impact and financial sustainability.
“We have seen more interest coming slowly from global investors, especially those that have seen other emerging markets, willing to underwrite the African growth story,” said Ross Strike, SVP, Investor Relations at Moniepoint.
Strategic Deployment: Nigeria, UK, and Kenya
According to Strike, the fresh funds will be deployed to strengthen Moniepoint’s operations in Nigeria, its core market, while supporting new market entries in the United Kingdom and Kenya.
“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,” said Tosin Eniolorunda, founder and Group CEO of Moniepoint Inc.
The company is now valued at over $1 billion, although Strike declined to reveal the exact figure. The new round builds on the $110 million Moniepoint raised in 2024.
Impressive Scale and Financial Performance
The company now reportedly processes over $250 billion in digital payments annually for 10 million active customers (individuals and businesses). This represents remarkable growth from the 800 million monthly transactions worth $17 billion that Moniepoint was processing when it announced its initial Series C in October 2024.
In January 2025, the company disclosed it was processing 1 billion transactions worth $22 billion monthly, demonstrating a 25% growth rate in just three months—a testament to Moniepoint’s momentum in Africa’s digital payments landscape.
What sets Moniepoint apart is its profitability. While many African fintech unicorns continue burning cash to achieve scale, Moniepoint has maintained industry-leading gross profit and EBITDA margins while growing revenue at over 150% CAGR in recent years. This combination of hypergrowth and profitability makes it an outlier in the African fintech ecosystem.
From TeamApt to Moniepoint: A Decade of Evolution
Founded in 2015 by Tosin Eniolorunda in Lagos, Moniepoint provides payments, banking, and remittance services to millions of users. Originally known as TeamApt, the company initially focused on providing infrastructure and payment solutions for banks and financial institutions.
However, recognizing the massive opportunity in serving Nigeria’s underbanked businesses and individuals directly, Moniepoint pivoted to become a business banking provider. That strategic shift proved transformative.
Today, Moniepoint is Nigeria’s largest merchant acquirer and in-person payments platform. Two out of three adults in Nigeria make payments via a Moniepoint terminal—a staggering market penetration that underscores the company’s ubiquity in Africa’s most populous nation.
In August 2023, Moniepoint entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year, demonstrating its ability to successfully expand beyond its core business banking roots.
The Product Portfolio: An All-in-One Financial Ecosystem
Moniepoint is building an all-in-one, seamlessly integrated platform for African businesses of all sizes, including services such as digital payments, banking, foreign exchange (FX), credit, and business management tools.
This comprehensive product suite positions Moniepoint as more than just a payment processor—it’s becoming the operating system for African businesses, providing:
Digital Payments: Point-of-Sale (POS) terminals, online payment gateways, and peer-to-peer transfers dominate Nigeria’s digital payment landscape.
Business Banking: Full-service business accounts with debit cards, virtual accounts, and financial management tools tailored to SMEs.
Personal Banking: Savings and current accounts for individuals, with high interest rates and no hidden fees.
Credit: Working capital loans and invoice financing help businesses manage cash flow and scale operations.
Foreign Exchange: Cross-border payment capabilities and FX services enable international transactions.
Business Management Tools: Invoice generation, expense tracking, and analytics help entrepreneurs run their businesses more efficiently.
Europe Expansion: MonieWorld and Strategic Acquisition
Looking ahead, Moniepoint’s expansion includes launching MonieWorld, a digital remittance platform targeting the African diaspora in the UK and Europe. This move addresses a massive market opportunity—millions of Africans living abroad regularly send remittances to family and businesses back home, often paying exorbitant fees to traditional money transfer operators.
Strategic acquisition of Bancom Europe gives Moniepoint FCA-regulated UK licenses passported across the European Economic Area, enabling broader European market access.
This regulatory infrastructure is critical. By securing Financial Conduct Authority (FCA) authorization in the UK, Moniepoint can offer regulated financial services across the entire European Economic Area through passporting rights—a significant competitive advantage that took competitors years to achieve.
Despite incurring a $1.2 million loss related to UK startup costs, management views it as necessary investment for long-term growth. Moniepoint is also establishing its London office as a strategic hub for international scaling.
Kenya and Pan-African Ambitions
Beyond Europe, Moniepoint is setting its sights on Kenya, East Africa’s fintech powerhouse and home to M-Pesa, the world’s most successful mobile money platform. Entering Kenya represents both opportunity and challenge—the market is sophisticated and competitive, but it also validates Moniepoint’s pan-African ambitions.
The company aims to operate in at least five African countries in the medium to long term. While Moniepoint hasn’t disclosed which additional markets it’s targeting, likely candidates include Ghana (West Africa’s second-largest economy), South Africa (the continent’s most developed financial market), and potentially francophone markets like Côte d’Ivoire or Senegal.
Competitive Positioning: Profitability at Unicorn Scale
Unlike competitors such as Flutterwave, Paystack (owned by Stripe), TymeBank, and Chipper Cash, Moniepoint has achieved profitability at unicorn scale by focusing on sustainable growth, deep customer relationships, and a diversified product lineup targeting underbanked segments.
This distinction matters. Africa’s fintech landscape is littered with well-funded startups that achieved impressive transaction volumes but struggled to monetize sustainably. Moniepoint’s profitability demonstrates product-market fit, operational efficiency, and a business model that works—not just on paper, but in practice.
The company’s competitive advantages include:
Deep Market Penetration: With 2 out of 3 Nigerian adults using Moniepoint terminals, the company has network effects working in its favor.
Agent Network: Moniepoint has built an extensive agent network across Nigeria, providing last-mile distribution that digital-only competitors cannot match.
Multi-Product Strategy: By offering payments, banking, credit, and business tools in one platform, Moniepoint captures more customer lifetime value than single-product competitors.
Regulatory Compliance: As a licensed financial institution, Moniepoint has navigated Nigeria’s complex regulatory environment successfully—a barrier to entry for many potential competitors.
Profitable Unit Economics: Unlike competitors burning cash for growth, Moniepoint’s transactions generate sustainable margins, enabling self-funded expansion.
Development Impact and Financial Inclusion
Moniepoint’s financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth—vital given that about 83% of employment across Africa is in the informal economy.
This development impact is not lost on investors, particularly development finance institutions like IFC, Proparco, and Swedfund. These organizations explicitly invest in companies delivering measurable social returns alongside financial returns.
In 2022, the Central Bank of Nigeria recognized Moniepoint’s positive impact toward financial inclusion with the National Inclusive Payment Initiative Award—validation from regulators that the company is contributing to national development priorities.
The Team Behind the Vision
Moniepoint now employs over 2,000 people across 20+ countries, reflecting its pan-African and international ambitions. Founder and Group CEO Tosin Eniolorunda has built a reputation as one of Nigeria’s most visionary fintech entrepreneurs, successfully navigating regulatory challenges, competitive pressures, and macroeconomic volatility to build a profitable unicorn.
Co-founder Felix Ike remains deeply involved in the company’s technology and product development, ensuring Moniepoint’s platform remains robust, scalable, and innovative.
Investor Perspectives: Why Moniepoint?
Development Partners International (DPI): By leading both tranches of the Series C, DPI has doubled down on its conviction in Moniepoint’s trajectory. The firm specializes in African investments and clearly sees Moniepoint as a platform winner.
Google’s Africa Investment Fund: Google’s continued participation across multiple rounds signals belief that Moniepoint can become Africa’s dominant financial platform—a strategic interest given Google’s broader ambitions in emerging markets.
Visa: The payment giant’s entry into Moniepoint’s cap table likely reflects both investment opportunity and strategic partnership potential. Visa’s global network combined with Moniepoint’s African reach could unlock powerful synergies.
IFC: The World Bank’s private sector arm invests in companies demonstrating both development impact and financial sustainability—a perfect fit for Moniepoint’s profile.
LeapFrog Investments: With a track record of backing African fintech leaders like Interswitch, LeapFrog’s participation validates Moniepoint’s potential to become a generational African technology company.
Ravi Sharma, Partner at Lightrock, noted: “Tosin and the dedicated team at Moniepoint have achieved something remarkable. They have built one of the most promising FinTechs in Africa by creating economic opportunities for others, most notably SME businesses – critical drivers of economic and social progress.”
Market Context: African Fintech’s Maturation
Moniepoint’s raise comes as African fintech enters a new phase of maturation. After years of hype and aggressive fundraising, investors are now demanding profitability, sustainable unit economics, and clear paths to liquidity.
The collapse of several high-flying African fintechs and the funding winter of 2022-2023 have made capital more selective. In this environment, Moniepoint’s ability to raise $200 million while maintaining profitability stands out dramatically.
The company has now raised over $280 million in its lifetime—roughly half of what its arch-rival OPay has raised, yet Moniepoint has achieved comparable scale while maintaining profitability. This capital efficiency is increasingly valued by investors tired of cash-burning business models.
Challenges Ahead
Despite its impressive trajectory, Moniepoint faces significant challenges:
Regulatory Complexity: Expanding into Kenya, the UK, and other African markets means navigating multiple regulatory regimes with different requirements, timelines, and political risks.
Currency Volatility: Operating across African currencies exposes Moniepoint to foreign exchange risk, particularly as currencies like the Nigerian naira face ongoing devaluation pressures.
Competition: Established players like M-Pesa in Kenya and emerging challengers across Africa mean Moniepoint cannot rest on its Nigerian success.
Infrastructure Limitations: Expanding beyond Nigeria into markets with less developed digital infrastructure may require significant investment and patience.
Talent Retention: As Moniepoint scales to 20+ countries, maintaining culture, execution excellence, and talent quality becomes increasingly difficult.
What’s Next: The Path to $1 Trillion TPV?
With $200 million in fresh capital, Moniepoint is positioning itself for explosive growth. The company’s stated goal of operating in at least five African countries suggests an aggressive expansion timeline over the next 18-24 months.
Key milestones to watch include:
- UK Launch: MonieWorld’s rollout and traction among the African diaspora
- Kenya Entry: Performance in one of Africa’s most sophisticated fintech markets
- Product Innovation: New services leveraging AI, embedded finance, and open banking
- Follow-On Funding: Whether Moniepoint pursues a Series D or explores IPO paths
- M&A Activity: Potential acquisitions to accelerate geographic or product expansion
If Moniepoint can replicate even a fraction of its Nigerian success in other markets while maintaining profitability, it has a credible path to processing over $1 trillion in total payment volume annually—cementing its status as one of Africa’s most valuable technology companies.
