Moniepoint Secures $110m Funding To Scale Digital Payments

Moniepoint Inc. 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. Today, it 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.

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Moniepoint’s founder and group CEO, Tosin 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.”