African fintech Moniepoint has raised more than $200 million in equity financing in a recently closed Series C funding round. The investment will fuel its ongoing mission to serve businesses and their customers across Africa and the global diaspora.
The round was led by Development Partners International’s African Development (ADP) III fund, with the final close anchored by LeapFrog Investments. Other investors include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
Moniepoint’s customer base exceeds 10 million active businesses and personal banking customers. It processes over US$250 billion in digital payment transaction value annually.
The closure of the funding round marks a successful period featuring product launches, such as MonieWorld – a remittance solution targeting the African diaspora in the United Kingdom and the launch of its integrated payment and bookkeeping solution designed to simplify business operations for micro, small, and medium-sized enterprises.
Moniepoint was founded in 2015 by Tosin Eniolorunda and Felix Ike. Originally rooted in building payment infrastructure and solutions for banks, Moniepoint expanded its offerings to include digital payments, business and personal banking, credit, cross-border payments, and business management tools.
Eniolorunda said,
“This is a proud day for Moniepoint, and I extend my sincere gratitude to the entire team for their tireless work to make this possible. We founded the company out of a genuine passion to widen financial inclusion and to help African entrepreneurs realize their potential. That same passion drives the work we do today, and it is heartening to know it is shared by leading global institutions.
“We will not rest on our laurels. 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.”
Adefolarin Ogunsanya, partner at Development Partners International, added,
“Since leading the first close of this landmark Series C, we have seen Moniepoint reach new heights – delivering innovation alongside sustained growth and profitability. DPI is proud to have anchored this round, reaffirming our conviction and support for the business and its leadership team. We continue to be impressed by Moniepoint’s powerful combination of commercial success and its impact on financial inclusion, and look forward to our continued partnership with Tosin and his team as they scale further in Nigeria, across Africa and beyond.”
Karima Ola, partner at LeapFrog Investments, said,
“MSMEs are the heartbeat of African economies – creating the majority of jobs and driving innovation. However, the vast majority have no access to digital banking and formal credit. Moniepoint has become an indispensable partner to MSMEs by empowering them with the digital tools and trust they need to transact, grow, and employ others at scale.
“At LeapFrog, our vision is to support the ongoing evolution of Africa’s financial infrastructure – where global digital payment ecosystems are well connected; cross-border payments are smooth, safe and affordable; and SMEs have seamless access to credit, digital payments, and the wider suite of financial tools they need to thrive. Our investment in Moniepoint epitomizes that vision.”
