Nigerian fintech, Moniepoint Inc. has secured an investment from Visa, a global leader in digital payments.
The new funding comes barely three months after the company announced a $110 million raise in a Series C led by Development Partners International’s African Development Partners (ADP) III fund, with participation from Google’s Africa Investment Fund and Verod Capital, among others.
While the amount invested by Visa is undisclosed, Moniepoint’s status as a unicorn is boosted by fresh backing from the global payment company.
Driving financial inclusion in Africa
Visa in a statement announcing the funding said the investment marked an important milestone in its commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.
“With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent.
“Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem,” the statement read in part.
- Commenting on the new funding, Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said Visa’s backing is a strong endorsement of the company’s vision to digitize and support African businesses at scale.
- He said the two organizations would work together to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.
“Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.
“Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.
We are delighted to join forces with Visa to enhance the digital payment infrastructure, expand financial services, and foster innovation in Africa,” he said.
Why they invested
Expressing confidence in the Nigerian fintech, Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, said Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.
“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”
“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa.
“We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations,” he said.
What you should know
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint Inc (formerly known as TeamApt Inc) has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, and management tools.
- Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years.
- The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.
- With its investment in Moniepoint, Visa joins other notable investors including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst in advancing Moniepoint’s mission.
