Yemisi Izuora
Moniepoint, a Nigerian Fintech has successfully closed additional $90 million funding round.
This brings its total Series C financing to $200 million, the company announced on October 21.
The round was led by African Development Partners III (ADP III), a fund managed by Africa-focused investment firm Development Partners International (DPI). Other participants included LeapFrog Investments, Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, IFC, Proparco, Swedfund, and Verod Capital Management.
The funds will strengthen Moniepoint’s position in the African market and support the development of remittance solutions for the African diaspora. According to CEO Tosin Eniolorunda, the goal is to “generate even more momentum” around Moniepoint’s mission to expand financial access for African populations.
In October 2024, the company secured the first tranche of its Series C funding worth $110 million to accelerate its growth across Africa by creating an integrated platform for businesses of all sizes.
Founded in 2015 by Tosin Eniolorunda and Felix Ike under the name TeamApt Inc., Moniepoint provides digital solutions to Nigerian businesses and MSMEs. The company now serves over 10 million active users, both businesses and individuals, and processes more than $250 billion in digital transactions annually.
Its services cover electronic payments, cash management, credit, cross-border payments, and accounting tools for enterprises. Since August 2023, Moniepoint has also offered personal banking services through its subsidiary, Moniepoint Microfinance Bank.
This latest funding places Moniepoint among Africa’s best-funded fintech firms, alongside Flutterwave, Chipper Cash, OPay, and Wave, each of which has raised over $200 million since 2021.
In 2024, fintech continued to dominate Africa’s tech ecosystem, attracting $1.4 billion, or 60 per cent of total equity funding, according to the Partech Africa 2024 report.