Moniepoint, a prominent African fintech company, has raised an additional $90 million in its Series C funding round, bringing the total raised to over $200 million.
This new capital infusion will expedite Moniepoint’s international and African expansion. The round attracted significant investors, such as Visa and Google, underscoring the growing confidence in Africa’s fintech potential.
Backing African fintech growth with global giants
In addition to the $110 million raised in 2024, Development Partners International’s African Development Partners III Fund led the Series C extension, with LeapFrog Investments, the IFC, and Swedfund contributing.
These investors, along with Visa and Google’s Africa Investment Fund, reaffirmed their commitment to Africa’s digital payments infrastructure.
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Moniepoint CEO Tosin Eniolorunda said, “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”.
Driving financial inclusion through innovation
Moniepoint, founded in 2015 as TeamApt, is Nigeria’s top business banking service and a major player in Kenya, the UK, and the US. The company provides digital payments, business banking, credit, cross-border services, and bookkeeping.
Transactions exceed $250 billion annually for over 10 million users. The funding will enhance Moniepoint’s technology and product development, enabling it to support the growing financial needs of small businesses and entrepreneurs across the continent.
Expanding footprints amid rising investor interest
Senior Vice President Ross Strike highlighted the growing excitement among global investors for African fintech innovations.
“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,” he said.
Moniepoint will use the new funding to expand into new areas like the UK and bolster its operations in key nations like Nigeria. This expansion confirms Moniepoint’s position as a fintech unicorn and a representation of digital financial empowerment in Africa, solidifying its valuation above $1 billion.