Moniepoint Raises Additional $90 Million to Close $200 Million Series C Round
Nigerian fintech company Moniepoint Inc. has secured an additional $90 million in fresh funding, closing its Series C round at $200 million. The round attracted major global investors, including Visa Inc., Development Partners International (DPI), LeapFrog Investments, and Alphabet Inc.’s Google Africa Investment Fund.
This latest raise underscores growing global investor confidence in Africa’s fintech sector, as Moniepoint joins the ranks of Nigerian unicorns transforming digital financial services across the continent.
Global Investors Bet on Africa’s Fintech Growth
Moniepoint’s Senior Vice President, Ross Strike, highlighted increasing global interest in African fintech:
“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.
The additional $90 million complements the $110 million Series C funding Moniepoint announced in October 2024, bringing total capital raised in the round to $200 million and pushing the company’s valuation beyond $1 billion.
Funding a New Market Push
Moniepoint said the proceeds will power its next phase of growth, expanding both its product capabilities and geographic reach.
“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,” the company said in a statement.
The funds will strengthen Moniepoint’s core Nigerian operations and support new market entries in the United Kingdom and Kenya—two regions seen as key to the company’s international expansion strategy.
From Local Roots to Global Reach
Founded in 2015 by Tosin Eniolorunda in Lagos, Moniepoint has evolved from a local payment processor to a pan-African fintech powerhouse. The company provides payments, banking, and remittance services to millions of customers and processes over $250 billion in annual transactions.
In the medium to long term, Moniepoint plans to operate in at least five African countries, deepening financial inclusion through digital payment solutions for micro, small, and medium enterprises (MSMEs).
Investor Confidence in Africa’s Fintech Ecosystem
Moniepoint’s new funding round highlights growing global confidence in Africa’s fintech sector. With a young, tech-savvy population and rapid mobile penetration, the continent has become a magnet for venture capital.
Nigerian startups like Flutterwave, Interswitch, and Opay have already achieved unicorn status, while mobility startup Moove is reportedly seeking to raise $300 million at a $2 billion valuation.
What They Are Saying
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed gratitude to investors and reaffirmed the company’s mission:
“Moniepoint was founded out of a genuine passion to widen financial inclusion and to help African entrepreneurs realise their potential. 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.”
Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at the International Finance Corporation (IFC), praised Moniepoint’s impact:
“We look forward to supporting Moniepoint’s efforts to increase the adoption of digital payments among MSME retailers in Nigeria, a segment underserved by banks and other traditional financial institutions.”
A Milestone for African Innovation
The Series C investment, led by DPI’s African Development Partners III Fund, also saw participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock.
Moniepoint’s latest funding milestone cements its position as one of Africa’s leading fintech innovators, driving financial inclusion, SME empowerment, and cross-border digital transformation.
