Moniepoint Inc., a leading fintech company in Africa, has announced a successful Series C funding round, raising a total of US$110 million. The funding was led by Development Partners International’s African Development Partners (ADP) III fund, with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has quickly become a key player in the African financial services industry. Initially focused on providing infrastructure and payment solutions for banks and financial institutions, the company has evolved into Nigeria’s top business banking provider, serving over two million businesses. With over 800 million transactions processed monthly, totaling more than US$17 billion, Moniepoint has achieved profitability while maintaining impressive growth.
The recent funding will be used to further expand Moniepoint’s presence across Africa, creating an integrated platform offering digital payments, banking services, foreign exchange, credit facilities, and business management tools. This all-in-one solution aims to cater to businesses of all sizes, providing a seamless experience for African entrepreneurs.
The investment from DPI, Google’s Africa Investment Fund, Verod Capital, and Lightrock underscores Moniepoint’s impact on financial inclusion and economic development in Africa. The company has demonstrated exceptional growth, with revenue increasing at a rate of over 150% annually, along with industry-leading gross profit and EBITDA margins.
Moniepoint’s efforts towards financial inclusion align with initiatives by African governments to expand access to formal financial services and drive economic growth, particularly in the informal sector where the majority of employment is concentrated. The company’s commitment to financial inclusion was recognized by the Central Bank of Nigeria, receiving the National Inclusive Payment Initiative Award in 2022.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint, expressed gratitude for the support and highlighted the company’s mission to drive innovation, transparency, and security in financial services. The funding will accelerate Moniepoint’s efforts to support Africa’s entrepreneurial potential and enhance financial inclusion for businesses and individuals.
Adefolarin Ogunsanya, Partner at Development Partners International, commended Moniepoint’s leadership team and strategic vision, affirming the company’s position as one of Africa’s most promising enterprises. The partnership with DPI aims to further expand Moniepoint’s customer base and provide top-tier banking and payment services to businesses and individuals across the continent.
In addition to DPI, Google’s Africa Investment Fund, and Verod Capital, existing investors such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, and others have shown continued support for Moniepoint’s growth trajectory.
Danladi Verheijen, Managing Partner at Verod Capital, emphasized the company’s commitment to backing high-growth ventures that drive market leadership and social impact. By supporting Moniepoint’s expansion, Verod Capital aims to enhance financial access and empower underserved markets, fostering economic growth and empowerment.
Ravi Sharma, Partner at Lightrock, praised Moniepoint for its impactful initiatives in creating economic opportunities for SMEs and driving economic progress across Africa. The innovative services offered by Moniepoint are transforming the financial landscape for millions of businesses on the continent, with Lightrock proud to support the company’s growth and positive impact.
Gbenga Ajayi, Partner and Head of Middle East and Africa at QED Investors, welcomed DPI and Google to the Moniepoint journey, highlighting the company’s exceptional performance and customer-centric approach. As Moniepoint enters its next phase of growth, investors are excited about the company’s potential to deliver superior products and services to merchants in Nigeria and beyond.
Financial Technology Partners served as the exclusive financial and strategic advisor to Moniepoint in the Series C funding round. The successful raise is a testament to Moniepoint’s strong position in the African fintech industry and its commitment to driving financial inclusion and economic development across the continent.
