Moniepoint Secures US$110m To Scale Digital Payments, Banking Solutions

Moniepoint Inc., Africa’s rapidly expanding financial institution, has raised $110 million in a Series C funding round, marking a significant milestone in its mission to empower millions of businesses and individuals across Africa and beyond.

Originally founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint began by developing payment infrastructure for financial institutions.

The payment platform has evolved into Nigeria’s leading business banking provider, processing over 800 million transactions each month with a total monthly value exceeding $17 billion, all while maintaining profitability.

The latest round was led by Development Partners International’s (DPI) ADP III fund, a prominent African-focused fund, alongside new investors including Google’s Africa Investment Fund and Verod Capital, an African private equity firm. Existing investor Lightrock also participated in the funding.

This new capital will be directed towards expanding Moniepoint’s integrated platform, aimed at providing African businesses with a full suite of services such as digital payments, banking, FX, credit, and business management tools.

By building an all-in-one solution, Moniepoint seeks to be the go-to platform for business banking across the continent.

Moniepoint’s growth aligns with African governments’ goals to broaden access to financial services and promote economic growth, especially as approximately 83 percent of African employment remains within the informal economy.

In recognition of its impact, the Central Bank of Nigeria (CBN) honoured Moniepoint with the National Inclusive Payment Initiative Award in 2022.

Moniepoint’s founder and group CEO, Eniolorunda, highlighted the company’s mission to create a transparent and secure platform to help businesses tackle their unique challenges, adding that, “The funds from this raise will accelerate our mission of driving financial inclusion and empowering African entrepreneurs.

“We’ve seen incredible adoption of our services, but we’re just at the beginning of our journey.”

In addition to DPI, Google’s Africa Investment Fund, and Verod, Moniepoint has attracted blue-chip investors such as QED Investors, Novastar Ventures, British International Investment, and Endeavour Catalyst.

Partner at DPI, Adefolarin Ogunsanya, expressed DPI’s confidence in Moniepoint’s potential, stating that “Moniepoint’s profitable growth and commitment to financial inclusion reflect our own mission. We’re excited to support Tosin and his team as they continue to scale and serve Africa’s underserved businesses and individuals.”

With its latest funding, Moniepoint strengthens its position as Africa’s all-in-one financial ecosystem, serving over 10 million businesses and individuals with seamless payments, banking, credit, and business management tools.

The company also dominates Nigeria’s merchant acquiring market, processing a significant share of Point-of-Sale (POS) transactions.

Recognised for its influence and growth, Moniepoint was recently included in CB Insights’ 2024 Fintech 100 List, highlighting it as one of the world’s most promising private fintech companies.

This recognition reaffirms Moniepoint’s impact and potential as a transformative force in Africa’s digital and financial inclusion landscape.