Moniepoint, a Nigerian fintech startup, has raised a total of $110 million in a Series C funding round led by Development Partners International (DPI). This fresh capital, which follows a $50 million round in 2023, values the company at $1 billion, solidifying its position in the exclusive club of African unicorns.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure,” said Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc. “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.”
Moniepoint has experienced rapid growth, with its revenue increasing by over 150% CAGR in recent years. The company’s financial inclusion efforts align with initiatives by many African governments to broaden access to the formal financial system, vital for an economy where approximately 83% of employment is informal.
In 2022, the Central Bank of Nigeria recognised Moniepoint’s efforts with the National Inclusive Payment Initiative Award.
“We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest-growing companies,” said Adefolarin Ogunsanya, Partner at DPI. “A profitable business led by an excellent leadership team with a clear strategic vision, Moniepoint is well-positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.”
Joining DPI and Google’s Africa Investment Fund in this latest capital raise are other prominent investors, including Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
“Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact,” commented Danladi Verheijen, Managing Partner at Verod Capital. “By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”
Moniepoint, founded in 2015 and initially known as TeamApt, first focused on providing infrastructure and payment solutions for banks. The company later pivoted to business banking, a move that has led to significant success. Moniepoint now processes over 800 million transactions monthly, worth more than $17 billion.
The company will use the new funding to accelerate its growth across Africa, building an “all-in-one platform for African businesses of all sizes,” which includes digital payments, banking, foreign exchange (FX), credit, and business management tools. Moniepoint also recently entered the personal banking market and has seen a 20x customer growth over the past year.
