Other notable investors in this round included Google’s Africa Investment Fund, Verod Capital, and Lightrock, underscoring Moniepoint’s growing influence in African fintech.

With the new funding, Moniepoint plans to expand its footprint across Africa, beginning with Kenya, where it is on the verge of acquiring KopoKopo, a digital payments platform.

Though details of the acquisition cost remain undisclosed, this move signifies Moniepoint’s ambitious regional growth strategy.

Since its founding in 2015, Moniepoint has transformed from developing software for Nigerian financial institutions—initially under the name TeamApt—to becoming one of Nigeria’s leading providers of agency banking solutions.

This strategic shift helped the company scale significantly, establishing a vast agency network across Nigeria.

A rebranding in 2023 saw Moniepoint venture further into digital banking, offering both personal and business banking services.

The company now processes around 800 million transactions monthly, totaling over $17 billion in value, and serves more than 10 million customers.

DPI Partner Adefolarin Ogunsanya expressed strong confidence in Moniepoint’s future, citing its “excellent leadership and strategic vision” as key factors in the firm’s decision to invest.

He added that Moniepoint’s impact on financial inclusion and its fast-paced growth highlights its potential for continued success across the continent.

Moniepoint’s CEO, Tosin Eniolorunda, emphasized the company’s mission to address customer needs through innovative, transparent, and secure solutions.

“The proceeds from this raise will accelerate our efforts to drive financial inclusion and support Africa’s entrepreneurial landscape,” he stated.

The backing from DPI, Google, Verod, and Lightrock further reflects the firm’s impact in bridging gaps in financial inclusion and supporting underserved communities across Africa.