Nigerian fintech Moniepoint Inc. has secured an additional $90 million in funding to accelerate its expansion across Africa and beyond, bringing its latest Series C round to a total of $200 million.
The round was supported by major global investors, including Visa Inc., Development Partners International (DPI), LeapFrog Investments, and Alphabet Inc.’s Google Africa Investment Fund.
Moniepoint’s Senior Vice President, Ross Strike, disclosed this in an interview, noting that global interest in African fintech continues to grow.
“We have seen more interest coming slowly from global investors, especially those that have seen other emerging markets, willing to underwrite the African growth story,” Strike said.
Funding a new market push
According to him, the fresh funds will be deployed to strengthen Moniepoint’s operations in Nigeria, its core market, while supporting new market entries in the United Kingdom and Kenya.
“The proceeds of the round will be used to power the Company’s next phase of growth, enhancing its capacity to help African businesses and individuals realise their financial dreams and accelerating Moniepoint’s continued expansion across the continent and into international markets,” Moniepoint said in a statement sent to Nairametrics.
- The company is now valued at over $1 billion, although Strike declined to reveal the exact figure. The new round builds on the $110 million Moniepoint raised in 2024.
- Founded in 2015 by Tosin Eniolorunda in Lagos, Moniepoint provides payments, banking, and remittance services to millions of users.
- The company now processes over $250 billion in annual transactions and aims to operate in at least five African countries in the medium to long term.
- Africa’s young and tech-savvy population continues to drive rapid fintech adoption, attracting billions of dollars in investment.
- Nigerian firms such as Flutterwave, Interswitch, and Opay have all achieved unicorn status in recent years, while Uber-backed mobility startup Moove is reportedly seeking to raise $300 million at a $2 billion valuation.
What they are saying
Commenting on the investment, Founder and Group CEO of Moniepoint Inc., Tosin Eniolorunda, said Moniepoint was founded 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. The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story – with financial happiness for Africans everywhere remaining our ultimate goal,” he said.
Global Director for Disruptive Technologies, Services, and Funds at IFC, Farid Fezoua, said the organization looks forward to supporting Moniepoint’s effort to increase the adoption of digital payments among MSME retailers in Nigeria, a segment underserved by banks and other traditional financial institutions.
Backstory
In October 2024, Moniepoint announced it had secured $110 million in a Series C from multiple investors, including Google, bringing its valuation to $1 billion and giving it a unicorn status.
- The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa.
- Other new investors in the round, which has just been closed, include Google’s Africa Investment Fund and Verod Capital, a leading African private equity firm. Global impact firm Lightrock, an existing investor, also participated in the funding round.
