Nigerian fintech startup Moniepoint has raised $110 million in a Series C funding round to accelerate its expansion across Africa and enhance its comprehensive business banking platform. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint aims to provide accessible financial solutions to small and medium-sized businesses (SMBs) through a range of digital banking services, including payments, credit, and business management tools.
The funding round, led by Development Partners International (DPI), included new investors Google’s Africa Investment Fund and Verod Capital, along with Lightrock, an existing investor. This significant capital infusion brings Moniepoint’s valuation to $1 billion, securing its status as one of Africa’s unicorns.
Moniepoint, originally known as TeamApt, initially focused on building infrastructure for financial institutions. The company pivoted to business banking, becoming a leader in Nigeria’s agent banking sector. Today, Moniepoint processes over 800 million transactions monthly, with a transaction value exceeding $17 billion, underscoring its pivotal role in Africa’s financial landscape.
“We are honored to welcome DPI, Google, Verod, and Lightrock as partners in our mission,” said Eniolorunda. “Their investment will enable us to accelerate growth, expand our reach across Africa, and further our commitment to financial inclusion. This funding is a major milestone that fuels our drive to innovate and provide solutions that meet the needs of African businesses.”
The new funding will support Moniepoint’s expansion across Africa, beginning with its acquisition of KopoKopo in Kenya, aiming to strengthen its footprint in East Africa. Moniepoint’s growth has been fueled by an impressive compound annual growth rate exceeding 150%, with profitable operations and industry-leading margins. The company was recognized by the Financial Times as one of Africa’s fastest-growing companies for two consecutive years.
“Moniepoint’s innovative approach to business banking and strong growth trajectory makes it an ideal fit for our portfolio,” said Adefolarin Ogunsanya, Partner at DPI. “We are excited to support their vision and contribute to the advancement of financial inclusion for businesses across the continent.”
With plans to grow its platform and refine services, Moniepoint is poised to drive digital and financial inclusion, offering accessible banking solutions tailored to the unique needs of African businesses. The investment cements Moniepoint’s role as a key player in Africa’s fintech sector, setting the stage for transformative growth and greater financial accessibility across the region.
