Moniepoint raises over $200m in Series C funding
The round was led by Development Partners International’s African Development III fund.
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African financial platform Moniepoint has raised over $200 million in equity financing in a recently closed Series C funding round.
The round was led by Development Partners International’s African Development III fund, with the final close anchored by LeapFrog Investments. Other investors in the round include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation, Proparco, Swedfund, and Verod Capital Management.
Moniepoint’s customer base exceeds 10 million active business and personal banking customers, and it processes over $250 billion in digital payment transactions annually. Moniepoint claims to be the first fintech company in Africa to achieve profitability at unicorn scale.
The company was founded in 2015 by Tosin Eniolorunda and Felix Ike. Today, it is Nigeria’s leading business banking provider and a trusted financial platform for the country’s MSMEs. Originally rooted in building payment infrastructure and solutions for banks, Moniepoint has expanded its offerings to include digital payments, business and personal banking, credit, cross-border payments, and business management tools.
Adefolarin Ogunsanya, partner at Development Partners International, commented: “Since leading the first close of this landmark Series C, we have seen Moniepoint reach new heights – delivering innovation alongside sustained growth and profitability. 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.”
Karima Ola, partner at LeapFrog Investments, added: “MSMEs are the heartbeat of African economies – creating the majority of jobs and driving innovation. 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.”
It will be recalled that the Series C round’s first close announcement took place in October 2024.
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