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New Investments
Moniepoint Raises Over $200 Million in Series C Funding to Expand Financial Inclusion in Africa
Nigerian fintech Moniepoint Inc. has successfully raised more than US$200 million in a Series C equity financing round.
The investment was led by Development Partners International (DPI) through its African Development III fund, with final close anchored by LeapFrog Investments.
Other backers include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa Inc., International Finance Corporation (IFC), Proparco, Swedfund and Verod Capital Management.
Founded in 2015 by entrepreneurs Tosin Eniolorunda and Felix Ike, Moniepoint initially focused on bank infrastructure and payments solutions.
Founded in 2015 by entrepreneurs Tosin Eniolorunda and Felix Ike, Moniepoint initially focused on bank infrastructure and payments solutions.
Over time, it has grown into Nigeria’s pre-eminent business-banking platform, now serving over 10 million active business and personal banking customers and processing more than US$250 billion in digital payments annually.
Moniepoint asserts that it is the first African fintech to reach “unicorn” status while already operating profitably at scale.
The capital injection will underpin Moniepoint’s next growth phase — expanding its suite of services that include digital payments, business and personal banking, credit, cross-border payments, and business-management tools.
The capital injection will underpin Moniepoint’s next growth phase — expanding its suite of services that include digital payments, business and personal banking, credit, cross-border payments, and business-management tools.
It will also support the company’s broader ambition of scaling beyond Nigeria into other African markets and the diaspora.
DPI partner Adefolarin Ogunsanya said the firm is proud to have anchored this landmark round and remains confident in Moniepoint’s leadership, growth trajectory and its meaningful impact on financial inclusion.
DPI partner Adefolarin Ogunsanya said the firm is proud to have anchored this landmark round and remains confident in Moniepoint’s leadership, growth trajectory and its meaningful impact on financial inclusion.
He stressed that delivering innovation hand-in-hand with commercial profitability is rare — and Moniepoint has achieved it.
LeapFrog partner Karima Ola added that small and medium-sized businesses (MSMEs), which dominate African economies but often lack formal banking access, are exactly the constituency Moniepoint empowers through its digital platform.
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