Africa’s fastest-growing fintech, Moniepoint, has raised an impressive $110 million in equity financing, to ensure expanded digital payment and banking services that will benefit millions of businesses across Africa and the diaspora.
Since inception in 2015, the company has established a significant footprint, processing over 800 million transactions per month with a total monthly transaction value of over $17 billion.
Moniepoint’s exceptional profitability and rapid growth underscore its commitment to financial inclusion and innovation.
A premier fund focused on Africa, Series C funding round was led by Development Partners International’s African Development Partners (ADP) III fund, which was joined by Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock.
Highlighting Moniepoint’s achievements, DPI Partner, Adefolarin Ogunsanya expressed that they all are delighted to lead the investment round in Moniepoint, one of Africa’s most exciting and fastest-growing companies.
He added that Moniepoint is 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,”
“This latest capital infusion will fuel Moniepoint’s ambitious expansion across Africa,” Ogunsanya said.
The Founder and Group CEO of Moniepoint, Eniolorunda, emphasized that their mission is to help customers solve their challenges by making their platform more innovative, transparent, and secure.
“The proceeds from this raise will accelerate our efforts to drive financial inclusion and support Africa’s entrepreneurial potential,”
“We’ve been encouraged by the diversity and breadth of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started; it’s day one from here,” he said.
Techparley correspondent gathered that Moniepoint ventured into the personal banking market through Moniepoint Microfinance Bank in August 2023, achieving a remarkable 2,000% growth in personal finance customers over the past year.
This move aligns with Moniepoint’s vision to offer an all-in-one platform for digital payments, banking, foreign exchange, credit, and business management tools tailored to businesses of all sizes.
Verod Capital’s Managing Partner, Danladi Verheijen, highlighted the investment’s alignment with Verod’s mission, saying:
“Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact,”
“By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”
What to know about Moniepoint?
Moniepoint was founded in 2015 by Tosin Eniolorunda, with co-founder Felix Ike.
It was initially a product of TeamApt, a Nigerian fintech company and it initially focused on creating banking software and supporting banks with digital financial infrastructure.
However, in 2019, Moniepoint pivoted to become a business-focused digital bank, aiming to support small and medium-sized enterprises (SMEs) across Africa by providing accessible financial services tailored to their needs.
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Moniepoint has grown to become a leader in digital banking in Nigeria, consistently processing over $17 billion in transactions each month.
With a network of over 800 million monthly transactions, it offers an all-encompassing platform that provides not only payment solutions but also credit, foreign exchange, and comprehensive business management tools.
In 2022, Moniepoint was recognized by the Central Bank of Nigeria with the National Inclusive Payment Initiative Award, underscoring its role in driving financial inclusion in Africa.
The platform has been particularly vital in Nigeria’s informal economy, helping businesses adapt to digital payments during cash shortages.
Moniepoint’s recent Series C funding of $110 million, led by Development Partners International (DPI), along with Google’s Africa Investment Fund and Verod Capital, represents a significant boost to its expansion efforts.
This funding round brings Moniepoint closer to its goal of offering seamless banking and financial services across Africa.
Moniepoint’s vision is not limited to Nigeria, as the new funds are intended to support its growth in other African markets, where access to formal banking systems remains limited.
Moniepoint’s approach combines technology with local knowledge to support small businesses, a model that has proven effective in a continent where trust in digital solutions often depends on human interaction.
The company’s CEO, Tosin Eniolorunda, has emphasized the importance of a hybrid model that integrates both digital and physical interfaces to better serve African businesses, which operate in markets with low trust in purely digital solutions.
