Sign In
  • Africa
  • African
  • Trump
  • Guardian
  • Mail
  • South
logo
  • Home
  • Ghana
  • Africa
  • World
  • Politics
  • Business
  • Technology
  • Sports
  • Entertainment
  • Health
  • Crime
  • Lifestyle
Reading: Africa’s Fastest-Growing Fintech, Moniepoint Secures US$110 Million Investment To Scale Digital Payments And Banking Solutions
Share
African News HeraldAfrican News Herald
Font ResizerAa
Search
  • Home
  • Ghana
  • Africa
  • World
  • Politics
  • Business
  • Technology
  • Sports
  • Entertainment
  • Health
  • Crime
  • Lifestyle
Follow US
© 2024 africanewsherald.com – All Rights Reserved.
African News Herald > Blog > Africa > Africa’s Fastest-Growing Fintech, Moniepoint Secures US$110 Million Investment To Scale Digital Payments And Banking Solutions
Africa

Africa’s Fastest-Growing Fintech, Moniepoint Secures US$110 Million Investment To Scale Digital Payments And Banking Solutions

ANH Team
Last updated: October 30, 2024 1:33 am
ANH Team
Share
SHARE

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.

See also  The Africa Centres for Disease Control and Prevention (Africa CDC) Applauds Egypt’s Milestone Achievement in Medicines and Vaccine Regulation

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.

See also  Can EAC speak the same language? A linguistic challenge at Speakers’ forum

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.

Subscribe to Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
TAGGED:AfricasBankingDigitalFastestGrowingFINTECHInvestmentmillionMoniepointPAYMENTSScaleSecuresSolutionsUS110
Share This Article
Twitter Email Copy Link Print
Previous Article Here’s where women in SA are most likely to be murdered –
Next Article WAFU B U20:Awoniyi Showers Naira On Flying Eagles Ahead Of Ghana Game
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Editor's Pick

Best Phone 2024: Top 10 Mobile Phones Today

Need a new phone? The constant influx of new handsets can make it challenging to keep track of what's worth…

November 12, 2024 3 Min Read
14 best trading platforms in Nigeria 

Avatrade is regulated by the Central Bank of Ireland, ASIC in Australia,…

20 Min Read
The fall of Ghana’s NPP and the resurgence of the NDC in the 2024

The 2024 general elections in Ghana marked a seismic shift in the…

8 Min Read

Lifestyle

Why a cruise might be an ideal holiday destination for your summer

As we find ourselves halfway through the year, with winter's…

June 16, 2025

Experiencing slow internet connectivity? This is why

South Africans have been facing sluggish…

June 16, 2025

Keeping memories alive through ‘Isikhumbuzo’ photography exhibition on Youth Day

The Mandebele Photo Gallery is set…

June 15, 2025

Mobile network operators grilled by MP’s over data costs

Mobile network operators (MNO) Vodacom, MTN,…

June 15, 2025

A R70K pen or a R50K lamp? Five extravagant Father’s Day gifts

Father's Day is just around the…

June 14, 2025

You Might Also Like

Africa

Ojude Oba: Nigeria’s Royal Festival of Style, Spirit, and Unity

The Ojude Oba festival in Ijebu-Ode, southwest Nigeria, is a vibrant celebration that dazzles thousands with its breathtaking display of…

2 Min Read
Technology

Bolt’s Fleet Partner MyNextCar Raises $10M to Scale Affordable Ride-Hailing in South Africa

MyNextCar (MNC), a leading fleet provider for Bolt in South Africa, has recently secured $10 million in its first institutional…

3 Min Read
Africa

Accelerating Oil Production Growth In The Niger Delta – Technology As An Enabler To Value Creation

The Niger Delta Basin is a region known for its mature oil and gas fields, with decades of sustained exploration…

3 Min Read
Africa

From Accra to Venice: How Lesley Lokko Is Building the Future of Design

Lesley Lokko: Leading the Charge in Architectural Innovation Lesley Lokko is making waves in the world of architecture by challenging…

1 Min Read
logo logo
Facebook Twitter Youtube

About US

Stay informed with the latest news from Africa and around the world. Covering global politics, sports, and technology, our site delivers in-depth analysis, breaking news, and exclusive insights to keep you connected with the stories that matter most.

Top Categories
  • Africa
  • Business
  • Entertainment
  • Sports
Usefull Links
  • Home
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2024 africanewsherald.com –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?