Moniepoint has secured an additional $90 million in funding, bringing its total Series C round to $200 million after an initial $110 million raise earlier in 2024. The funding round was led by Development Partners International (DPI) with participation from major global investors including the International Finance Corporation (IFC), LeapFrog Investments, Google’s Africa Investment Fund, and Visa.
According to Moniepoint, the fresh capital will support its mission to deepen financial access across Africa and scale its international operations.
“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,”
— Tosin Eniolorunda, CEO & Co-founder, Moniepoint
Strong investor backing
Visa’s participation stands out, as the payments giant has continued to invest in Africa’s growing fintech sector. Visa has previously backed companies like Interswitch, Paystack, and Flutterwave, and also runs a fintech accelerator programme on the continent. Google’s Africa Investment Fund joining the round further highlights strong global confidence in African fintech innovation.
Although Moniepoint did not disclose its new valuation, the company confirmed it remains well above the $1 billion unicorn mark, a milestone it first achieved in 2024.
From Nigeria to global expansion
Moniepoint began as a software provider for Nigerian banks before evolving into a fintech leader through its agency banking network, which enabled access to financial services for millions of people in underserved communities. The company now serves over 10 million personal and business banking users across Africa and processes over $250 billion in annual transactions.
With a microfinance banking license in Nigeria, Moniepoint has expanded into personal and business banking, offering payments, accounts, and working capital solutions. The company has also begun international expansion, starting with the United Kingdom, where it offers digital banking services for African migrants and businesses.
Challenges and future growth
Despite its rapid growth, Moniepoint has faced challenges. In early October, we reported a $1.2 million operating loss, which Moniepoint attributed to the high cost of setting up its UK operations. However, analysts say the long-term potential remains strong as the company pushes into new markets.
With this new round of funding and strong investor support, Moniepoint is preparing to scale product innovation, enhance infrastructure, and drive financial inclusion across Africa and beyond.
