Moniepoint Inc., a leading fintech enterprise in Africa, has successfully raised an additional $90 million in its Series C funding round, elevating its valuation beyond the $1 billion mark and solidifying its position as a unicorn within the continent’s digital financial landscape.
This recent capital injection brings the total Series C funding to over $200 million, following an initial $110 million closure announced in October 2024.
According to Ross Strike, Moniepoint’s senior vice president, the company’s valuation now exceeds $1 billion, though he refrained from specifying the exact figure, as reported by Bloomberg.
The funding round was spearheaded by Development Partners International‘s African Development Partners III fund, with substantial contributions from LeapFrog Investments. Other notable investors include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation, Proparco, Swedfund, and Verod Capital Management.
These funds are earmarked to accelerate Moniepoint’s growth trajectory, enhancing its suite of financial solutions for African businesses and consumers, while enabling expansion into new regional markets across Africa and beyond.
Established in 2015 by Tosin Eniolorunda and Felix Ike under the original name TeamApt Inc., Moniepoint has evolved from a payment infrastructure provider for banks into a multifaceted platform delivering digital payments, business and personal banking services, credit facilities, cross-border money transfers, and management tools.
Currently, Moniepoint serves over 10 million active users spanning both business and personal banking sectors, processing upwards of $250 billion in digital transactions annually. It stands out as one of the rare global fintech companies-and the first in Africa-to achieve profitability at unicorn scale while championing financial inclusion.
Tosin Eniolorunda, the founder and group CEO, expressed his excitement about this milestone. He remarked, “This achievement is a testament to the dedication of our entire team. We started Moniepoint driven by a deep commitment to broaden financial access and empower African entrepreneurs to unlock their full potential. It is inspiring to see this vision shared by leading global investors.”
He further emphasized the strategic use of the new capital, stating, “We are determined to build on this momentum. The proceeds from our landmark Series C will be carefully invested to propel Moniepoint into its next phase, with the ultimate aim of fostering financial well-being for Africans everywhere.”
Investors have praised Moniepoint’s unique combination of strong business fundamentals and meaningful social impact. Adefolarin Ogunsanya, partner at Development Partners International, highlighted the company’s impressive progress since the initial funding close. “Moniepoint continues to set new benchmarks by blending innovation with consistent growth and profitability. DPI is honored to lead this round, reaffirming our confidence in the company’s leadership and vision. We eagerly anticipate supporting their expansion across Nigeria, Africa, and beyond.”
Karima Ola, partner at LeapFrog Investments, underscored the critical role of micro, small, and medium-sized enterprises (MSMEs) in Africa’s economic fabric. “MSMEs are the backbone of African economies, generating the majority of employment and driving innovation. Yet, most lack access to digital banking and formal credit. Moniepoint has become an essential ally for these businesses by equipping them with reliable digital tools that enable growth and job creation at scale.”
Ola also connected this investment to LeapFrog’s broader mission. “Our goal is to support the evolution of Africa’s financial ecosystem-where digital payment networks are interconnected globally, cross-border transactions are efficient and affordable, and SMEs enjoy seamless access to credit and financial services. Our partnership with Moniepoint embodies this vision.”
Farid Fezoua, global director for disruptive technologies, services, and funds at the International Finance Corporation, commended Moniepoint’s dedication to underserved markets. “IFC has a strong track record of backing tech startups that facilitate payment acceptance in emerging economies. We are excited to support Moniepoint’s mission to boost digital payment adoption among MSME retailers in Nigeria, a group often overlooked by traditional financial institutions.”
This funding round coincides with several recent achievements for Moniepoint, including the launch of MonieWorld, a remittance platform targeting the African diaspora in the UK, and an integrated payment and bookkeeping solution tailored for MSMEs.
The company has earned recognition as one of Africa’s fastest-growing businesses by the Financial Times for three consecutive years and was featured on CNBC’s 2025 list of the world’s leading fintech firms.
This latest capital raise broadens Moniepoint’s investor portfolio, which already includes QED Investors, Novastar Ventures, Lightrock, FMO, British International Investment, Global Ventures, Endeavor Catalyst, New Voices Fund, and Verod. Financial Technology Partners acted as the exclusive financial and strategic advisor for the transaction.
As Nigeria’s foremost merchant acquirer, Moniepoint processes the majority of point-of-sale transactions nationwide through its subsidiaries. The platform remains committed to delivering seamless payment experiences, banking services, credit options, and business management tools to its growing user base.