To boost its expansion throughout Africa, Nigerian fintech startup Moniepoint has secured US $110 million in Series C equity funding.
Tosin Eniolorunda and Felix Ike founded Moniepoint, formerly known as TeamApt, in 2015. It is a comprehensive financial ecosystem that provides 10 million individuals and businesses with easy access to banking, credit, payments, and business management tools.
It powers the majority of point-of-sale (POS) transactions in Nigeria and is the biggest merchant acquirer in the nation. operates profitably while processing US $17 billion for its clients each month through its subsidiaries.
Development Partners International’s African Development Partners (ADP) III fund, a prestigious fund with an emphasis on Africa, led the company’s US $110 million Series C investment. Verod Capital, a well-known African private equity firm, and Google’s Africa Investment Fund are two more new investors. Lightrock, an existing investor and global impact firm, also took part.
After a period of success during which Moniepoint built on its profitable business model with significant operational and financial milestones, the new capital will be used to accelerate the company’s growth throughout Africa and create a single, seamlessly integrated platform for African companies of all sizes.
As a one-stop shop for business solutions, this platform will offer services like digital payments, banking, credit, foreign exchange (FX), and business management tools.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible,” said Eniolorunda.
“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”
Development Partners International partner Adefolarin Ogunsanya expressed his happiness at spearheading the Moniepoint investment round.
“A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa,” he said.
“DPI has a long track record of supporting businesses like Moniepoint to achieve their next stage of scale. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success. We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services.”
