Moniepoint Achieves Unicorn Status with Extended Funding Round
Moniepoint Inc., Africa’s prominent fintech platform, has secured an additional $90 million in its Series C funding round, pushing the company’s valuation above $1 billion and cementing its status as a unicorn in the continent’s digital finance sector. The latest infusion completes a Series C that totals over $200 million, following an initial $110 million close announced in October 2024.
Ross Strike, Moniepoint’s senior vice president, confirmed that the round values Moniepoint at more than $1 billion, though a more precise figure was not disclosed.
Investor Confidence Fuels Moniepoint's Expansion
Development Partners International’s African Development Partners III fund led the latest funding round, with significant backing from LeapFrog Investments. Other key participants include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation, Proparco, Swedfund, and Verod Capital Management. The capital infusion is designated to support Moniepoint’s expansion efforts, enhance its offerings for African businesses and individuals, and facilitate growth into new markets both within Africa and internationally.
Moniepoint's Evolution into a Comprehensive Fintech Platform
Founded in 2015 by Tosin Eniolorunda and Felix Ike as TeamApt Inc., Moniepoint has evolved significantly from its origins as a payment infrastructure provider for banks. It now operates as a comprehensive platform offering a suite of services including digital payments, business and personal banking, credit facilities, cross-border transfers, and management tools. The company currently serves over 10 million active business and personal banking customers, processing more than $250 billion in digital payments annually. Moniepoint distinguishes itself as one of the few global fintechs, and the first in Africa, to achieve profitability at unicorn scale while actively promoting financial inclusion.
Leadership Vision and Strategic Deployment of Funds
Tosin Eniolorunda, founder and group CEO, expressed his pride in the company's achievement and extended gratitude to the team. He stated, "We founded the Company out of a genuine passion to widen financial inclusion and to help African entrepreneurs realise their potential. That same passion drives the work we do today, and it is heartening to know it is shared by leading, global institutions.” Eniolorunda further elaborated on the strategic use of the funds, emphasizing that they will be deployed judiciously to build momentum as Moniepoint enters its next chapter, with the ultimate goal of achieving financial happiness for Africans everywhere.
Investor Perspectives on Moniepoint's Impact
Investors have underscored Moniepoint’s successful integration of commercial viability with social impact. Adefolarin Ogunsanya, a partner at Development Partners International, remarked on the company's progress since the initial funding close, noting its delivery of innovation alongside sustained growth and profitability. Ogunsanya affirmed DPI's pride in anchoring the round and reaffirmed their support for the business and its leadership, highlighting Moniepoint’s potent combination of commercial success and its contribution to financial inclusion. LeapFrog Investments partner Karima Ola emphasized the critical role of micro, small, and medium-sized enterprises (MSMEs) in African economies, noting that Moniepoint has become an essential partner for these businesses by equipping them with the digital tools and trust needed to transact, grow, and create employment. Ola also aligned this investment with LeapFrog’s broader vision of supporting Africa’s financial infrastructure evolution, including seamless cross-border payments and accessible financial tools for SMEs.
Farid Fezoua, global director for disruptive technologies, services, and funds at the International Finance Corporation, praised Moniepoint's focus on underserved segments, noting the IFC's extensive experience in supporting technology-driven startups that facilitate payment processing in emerging markets. Fezoua expressed the IFC's eagerness to support Moniepoint's efforts in increasing digital payment adoption among MSME retailers in Nigeria, a segment historically underserved by traditional financial institutions.
Moniepoint's Recent Achievements and Recognition
This significant funding round follows a period of notable accomplishments for Moniepoint, including the launch of MonieWorld, a remittance service targeting the African diaspora in the United Kingdom, and an integrated payment and bookkeeping solution designed for MSMEs. The company has also garnered recognition for its rapid growth, being named one of Africa’s fastest-growing firms by the Financial Times for three consecutive years and appearing on CNBC’s list of the world’s top fintech companies in 2025. The company's investor base includes prominent firms such as QED Investors, Novastar Ventures, Lightrock, FMO, British International Investment, Global Ventures, Endeavor Catalyst, New Voices Fund, and Verod. Financial Technology Partners served as the exclusive financial and strategic advisor for this transaction.
As Nigeria’s leading merchant acquirer, Moniepoint processes a substantial volume of point-of-sale transactions across the country through its subsidiaries. The platform remains committed to providing its users with seamless payment solutions, banking services, credit facilities, and essential business tools.