African Fintech Moniepoint has successfully raised $110 million in equity financing. The company was formerly known as TeamApt.
The capital raised will accelerate Moniepoint’s growth across Africa, building an integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.
The Series C was led by Development Partners International’s African Development Partners (ADP) III fund. Other new investors include Google’s Africa Investment Fund and Verod Capital – an African private equity firm. Global impact firm Lightrock, an existing investor, also participated.
Moniepoint was founded in 2015 by Tosin Eniolorunda and Felix Ike. It was initially focused on providing infrastructure and payment solutions for banks and financial institutions. Each month, Moniepoint processes more than 800 million transactions, with a monthly total value exceeding $17 billion.
In August 2023, Moniepoint entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank. It was ranked as Africa’s fastest-growing fintech for the second consecutive year by the Financial Times.
Moniepoint said its financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth – a vital necessity given roughly 83% of employment across Africa is in the informal economy. Moniepoint’s positive impact on financial inclusion was recognized by the Central Bank of Nigeria in 2022 when it received the National Inclusive Payment Initiative Award.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure,” CEO and co-founder Eniolorunda said. “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.
“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”
“A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa,” added Adefolarin Ogunsanya, partner at Development Partners International.
“DPI has a long track record of supporting businesses to achieve their next stage of scale. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success. We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payment services.”
“Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact,” Verod Capital managing partner Danladi Verheijen said. “By supporting (their) ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”
