Nigerian fintech powerhouse Moniepoint has secured an additional $90 million in funding, bringing its Series C round to a total of $200 million following an initial $110 million raise in 2024.
The latest injection was led by Development Partners International (DPI), with backing from heavyweight investors including the International Finance Corporation (IFC), Leapfrog Investments, Google’s Africa Investment Fund, and Visa. The substantial investment underscores growing global confidence in Moniepoint’s vision and the vast potential of Africa’s digital financial landscape.
“We will not rest on our laurels. The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story – with financial happiness for Africans everywhere remaining our ultimate goal,” said co-founder and CEO Tosin Eniolorunda.
Visa’s involvement is especially significant as the payments giant continues strengthening its footprint across African fintech. The company has invested in several leading players including Interswitch, Paystack, and Flutterwave, while also running a fintech accelerator program designed to support emerging financial services innovators throughout the continent.
While Moniepoint hasn’t disclosed its exact valuation, the company confirmed it remains comfortably above the $1 billion unicorn threshold it first achieved in 2024 with the initial Series C announcement.
Moniepoint’s journey from a backend software provider for Nigerian banks to one of Africa’s most successful fintech companies is remarkable. The platform gained widespread recognition through its extensive agent banking network, which delivered crucial financial services to millions of previously underserved Nigerians.
Today, the company reports serving over 10 million personal and business banking customers. Impressively, Moniepoint says it’s already profitable, processing more than $250 billion in annual transactions a testament to its operational scale and efficiency.
The fintech has evolved significantly beyond its agency banking roots. Using its microfinance bank license, Moniepoint now offers comprehensive personal and business banking products. The company has also begun international expansion, launching operations in the United Kingdom with digital banking services designed specifically for the African diaspora.
However, growth hasn’t been without its hurdles. According to a recent Techpoint Africa report, Moniepoint posted a $1.2 million loss this month, which the company attributed to upfront investments required to establish its UK presence a common pattern for companies entering new markets.
With this latest funding round closed, Moniepoint appears well-positioned to accelerate its expansion plans while maintaining its core mission of bringing financial services to underserved populations across Africa and beyond. As global investors continue betting big on African fintech, Moniepoint’s story reflects the sector’s enormous growth potential and increasing maturity.
Other Articles
