Nigerian fintech powerhouse Moniepoint has successfully raised $110 million in a Series C funding round aimed at expanding its reach across Africa. Founded in 2015, Moniepoint initially focused on providing infrastructure and payments technology for financial institutions. Today, it has evolved into Nigeria’s largest business banking provider, handling 800 million transactions monthly, with a total value exceeding $17 billion. The company also holds the title of Nigeria’s top merchant acquirer, supporting the bulk of the country’s POS transactions.
In 2022, Moniepoint ventured into the personal banking market through its subsidiary, Moniepoint Microfinance Bank, achieving remarkable growth with a 2,000% increase in personal finance customers.
Backed by Major Global and Regional Investors
The funding round was led by Development Partners International’s African Development Partners III (ADP III) fund, alongside new investors like Google’s Africa Investment Fund and Verod Capital. Lightrock, a previous investor, also participated. This latest investment raises Moniepoint’s valuation above the $1 billion mark, marking its entry into the unicorn club.
Fueling Financial Inclusion and Business Growth in Africa
Moniepoint intends to use the capital to expand its integrated platform for African businesses, offering a suite of services including digital payments, banking, FX, credit, and business management tools. According to Tosin Eniolorunda, founder and Group CEO of Moniepoint, “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential.”