DPI leads $110m investment in Moniepoint
African fintech company Moniepoint has raised $110 million in Series C equity financing.
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African fintech company Moniepoint has raised $110 million in Series C equity financing, led by Development Partners International’s African Development Partners (ADP) III fund. Other new investors include Google’s Africa Investment Fund, Verod Capital and Lightrock.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt) began by offering infrastructure and payment solutions to banks and financial institutions. It has since evolved into Nigeria’s leading business banking provider, processing over 800 million transactions each month with a total monthly value exceeding $17 billion. The company is now profitable.
The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange, credit, and business management tools, making it a one-stop shop for business solutions.
Tosin Eniolorunda, founder and group CEO of Moniepoint, said: “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.”
Adefolarin Ogunsanya, partner at Development Partners International, commented: “We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest growing companies. 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.”
Danladi Verheijen, managing partner at Verod Capital said: “Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact. By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”
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