Moniepoint Inc., one of Africa’s leading fintech companies, has raised $200 million in a Series C funding round, marking a major milestone in its growth trajectory. This funding will help accelerate the company’s expansion across Africa, with particular focus on deepening financial inclusion and reaching the global diaspora.
This round builds on Moniepoint’s earlier success, which included raising $30 million in Series A funding in 2020 and $50 million in Series B funding in 2022. The Series A and B rounds helped lay the foundation for Moniepoint’s rapid growth, enabling the company to scale its digital financial services and deepen its impact on micro, small, and medium-sized enterprises (MSMEs) across the continent.
The Series C round was led by key investors, including Development Partners International’s African Development (ADP) III fund, LeapFrog Investments, Visa, and Google’s Africa Investment Fund. Other notable contributors included Lightrock, Proparco, and Swedfund. These funds will be used to expand Moniepoint’s product offerings, such as MonieWorld, a remittance service aimed at African diaspora communities.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint serves over 10 million active users, processing more than $250 billion in transactions annually. It has rapidly grown into one of Africa’s few unicorn fintech companies. The new capital will allow Moniepoint to build on this success and further extend its footprint across West and East Africa.
“Moniepoint has always been driven by a passion to empower African entrepreneurs and promote financial inclusion. With the support from our investors, we are now in a position to accelerate our mission and impact, ensuring that financial services reach every corner of Africa.”
Tosin Eniolorunda, Founder and CEO
Moniepoint’s growth is also supported by a strong ecosystem of investors, including QED Investors, Novastar Ventures, British International Investment, and Endeavor Catalyst. The company continues to build on the foundation laid by its Series A and B funding, which helped streamline operations and expand the fintech’s market penetration.
In addition…
In addition to offering payment solutions, Moniepoint has made strides in providing MSMEs with access to credit, bookkeeping tools, and financial management services—empowering businesses that were previously underserved by traditional banking institutions.
According to Karima Ola, Partner at LeapFrog Investments, “MSMEs are the backbone of African economies, but most lack access to credit and digital banking services. Moniepoint’s innovations have filled this gap, giving businesses the tools they need to grow and scale.”
Farid Fezoua, Global Director for Disruptive Technologies at IFC, shared a similar sentiment, highlighting Moniepoint’s role in supporting digital payment adoption across MSMEs in Nigeria. “By offering affordable point-of-service devices and enabling digital payment solutions, Moniepoint is transforming Nigeria’s financial landscape,” he said.
Moniepoint’s ability to achieve profitability at a unicorn scale while driving financial inclusion has set it apart from many of its peers in the fintech industry. The company is now poised to strengthen its market position, as it continues to provide essential tools for the African business community.
The Series C funding, combined with the Series A and B rounds, positions Moniepoint as one of the foremost fintech companies in Africa, with the potential to redefine the continent’s financial landscape.
Key Statistics
Over 10 million active users
$250 billion in transactions processed annually
$200 million raised in Series C funding
$30 million raised in Series A (2020)
$50 million raised in Series B (2022)
This is a proud day for Moniepoint. We are committed to ensuring that financial services reach every African entrepreneur, and this funding will help us drive that mission forward
