Nigerian fintech startup Moniepoint has raised US$110 million in Series C equity funding to accelerate its growth across Africa.
Founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint is an all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools.
As Nigeria’s largest merchant acquirer, it powers most of the country’s point of sale (POS) transactions. Through its subsidiaries, processes US$17 billion monthly for its customers while operating profitably.
The company’s US$110 million Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated.
The new capital follows a successful period for Moniepoint building on its profitable business model with major operational and financial milestones, and will be used to accelerate its growth across Africa, building an all-in-one, seamlessly 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.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. 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,” said Eniolorunda.
“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.”
Adefolarin Ogunsanya, partner at Development Partners International, said he was delighted to lead the investment round in Moniepoint.
“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,” he said.
“DPI has a long track record of supporting businesses like Moniepoint 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 payments services.”
