Nigerian fintech giant Moniepoint Inc. has secured over $200 million in a major funding round to expand its digital financial services footprint across Africa and into new global markets.
The Series C round, led by Development Partners International (DPI), also attracted participation from LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the International Finance Corporation (IFC). The transaction ranks among the largest equity fundraisings by an African fintech in 2024.
Founded in 2015, Moniepoint has evolved from a provider of banking infrastructure into Nigeria’s largest business banking platform. It currently serves over 10 million active users and processes more than $250 billion in annual transaction value.
After a strategic pivot in 2019, the company quickly scaled nationwide to offer direct digital banking and payments through a vast agent and POS network. In 2023 alone, it processed over $150 billion in transaction volume.
Hence, the firm has maintained profitability at scale, a rare achievement in the global fintech space.
Regarding the investment, DPI Partner Adefolarin Ogunsanya said, “Moniepoint continues to deliver innovation alongside sustained profitability. We’re proud to support its next phase of growth.”
The company has recently expanded its service offerings with products such as MonieWorld, a cross-border remittance platform targeting the African diaspora in the UK, and a bookkeeping tool designed to support micro and small businesses in managing their finances.
LeapFrog Investments Partner, Karima Ola, added, “This investment aligns with our vision to build inclusive financial infrastructure across Africa. Moniepoint has demonstrated that commercial success and social impact can go hand in hand.”
Meanwhile, participants in the funding round include Lightrock, Alder Tree Investments, Proparco, Swedfund, and Verod Capital Management. Financial Technology Partners served as Moniepoint’s exclusive financial adviser.
Analysts have expressed that this capital infusion, Moniepoint is poised to further entrench its leadership in the African fintech ecosystem, while accelerating its efforts to deliver accessible, inclusive, and sustainable digital banking solutions at scale.
