Moniepoint hits $1 billion valuation after fresh $90 million raise

Moniepoint hits $1 billion valuation after fresh $90 million raise


Moniepoint Inc., Africa’s prominent fintech platform, has secured an additional $90 million in its Series C funding round, pushing the company’s valuation above $1 billion and cementing its status as a unicorn in the continent’s digital finance sector.

The latest infusion completes a Series C that totals over $200 million, following an initial $110 million close announced in October 2024.

Ross Strike, Moniepoint’s senior vice president, said the round values Moniepoint at more than $1 billion, but declined to disclose a more precise figure, per a Bloomberg report.

Development Partners International’s African Development Partners III fund led the round, with LeapFrog Investments providing significant backing. Other participants include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation, Proparco, Swedfund, and Verod Capital Management.

The capital will support Moniepoint’s expansion efforts, bolstering its tools for African businesses and individuals while facilitating growth into new markets across the continent and beyond.

Founded in 2015 by Tosin Eniolorunda and Felix Ike as TeamApt Inc., Moniepoint has transformed from a payment infrastructure provider for banks into a comprehensive platform offering digital payments, business and personal banking, credit, cross-border transfers, and management tools.

Today, it boasts more than 10 million active business and personal banking customers, processing over $250 billion in digital payments annually. The company stands out as one of the few global fintechs, and the first in Africa, to achieve profitability at unicorn scale while advancing financial inclusion.

Tosin Eniolorunda and Felix Ike, Moniepoint co-founders
Tosin Eniolorunda and Felix Ike, Moniepoint co-founders

Tosin Eniolorunda, founder and group CEO, expressed enthusiasm about the achievement.

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,” he said. “We founded the Company out of a genuine passion to widen financial inclusion and to help African entrepreneurs realise their potential. That same passion drives the work we do today, and it is heartening to know it is shared by leading, global institutions.”

Eniolorunda added that the funds would be used strategically to build momentum. “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.”

Investors highlighted Moniepoint’s blend of commercial viability and social impact.

Adefolarin Ogunsanya, a partner at Development Partners International, noted the company’s progress since the initial close. “Since leading the first close of this landmark Series C, we have seen Moniepoint reach new heights—delivering innovation alongside sustained growth and profitability,” Ogunsanya said.

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.”

MoniepointMoniepoint

Karima Ola, a partner at LeapFrog Investments, emphasised the role of micro, small, and medium-sized enterprises in Africa’s economy. “MSMEs are the heartbeat of African economies—creating the majority of jobs and driving innovation,” Ola said. “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.”

Ola further aligned the investment with LeapFrog’s broader objectives. “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 epitomises that vision.”

Farid Fezoua, global director for disruptive technologies, services, and funds at the International Finance Corporation, praised Moniepoint’s focus on underserved segments. “IFC has extensive experience in investing in technology-driven startups that help businesses process and accept payments in emerging markets,” Fezoua said.

We look forward to supporting Moniepoint’s effort to increase the adoption of digital payments among MSME retailers in Nigeria, a segment underserved by banks and other traditional financial institutions.”

The funding comes amid a string of accomplishments for Moniepoint, including the launch of MonieWorld, a remittance service for the African diaspora in the United Kingdom, and an integrated payment and bookkeeping solution for MSMEs.

The company has been recognised as one of Africa’s fastest-growing firms by the Financial Times for three straight years and appeared on CNBC’s list of the world’s top fintech companies in 2025.

MoniepointMoniepoint
Moniepoint

This raise expands Moniepoint’s investor base, which already includes QED Investors, Novastar Ventures, Lightrock, FMO, British International Investment, Global Ventures, Endeavor Catalyst, New Voices Fund, and Verod. Financial Technology Partners served as the exclusive financial and strategic advisor.

As Nigeria’s leading merchant acquirer, Moniepoint handles most point-of-sale transactions in the country through its subsidiaries. The platform continues to prioritise seamless payments, banking, credit, and business tools for its users.





Source: Technext24

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