Nigerian fintech unicorn, Moniepoint Inc., has raised US$90 million in fresh funding, bringing the total amount secured under its ongoing Series C round to US$200 million.
The latest tranche was led by Development Partners International’s African Development (ADP) III fund, with participation from LeapFrog Investments, Lightrock, Google’s Africa Investment Fund, Visa, IFC, Proparco, Swedfund, and Verod Capital Management.The previous US$110 million first close, announced in October 2024 pushed Moniepoint into the continent’s unicorn ranks underscoring investor confidence.Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint operates as an all-in-one financial platform serving over 10 million customers and processes more than US$250 billion in annual transaction value.
“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 Tosin Eniolorunda, Founder and Group CEO, Moniepoint Inc.
The firm recently launched MonieWorld, a remittance platform for the African diaspora in the United Kingdom, and an integrated payments and bookkeeping solution aimed at simplifying operations for small businesses.
Moniepoint’s strategy hinges on empowering micro, small, and medium-sized enterprises (MSMEs) through digital banking, credit, and business management tools. This model has made it Nigeria’s largest business banking provider and a major driver of financial inclusion.
“Moniepoint has become an indispensable partner to MSMEs by empowering them with the digital tools and trust they need to transact, grow, and employ others at scale,” said Karima Ola, a partner at LeapFrog Investments.
The East African Expansion
Moreover, proceeds from the new round will be used to accelerate Moniepoint’s regional expansion, particularly in East Africa, where it is making significant regulatory inroads.
In June this year, the Competition Authority of Kenya (CAK) approved Moniepoint’s proposed 78% acquisition of Sumac Microfinance Bank. The acquisition would give Moniepoint a foothold in Kenya’s US$67.3 billion mobile payments market, widely regarded as one of Africa’s most advanced.
The entry follows Moniepoint’s aborted 2024 bid to acquire payments firm Kopo Kopo, which collapsed despite regulatory approval. The Sumac deal is viewed as a more strategic move, providing direct access to a deposit-taking institution and a ready customer base of more than 43,000 active loan accounts.
Moniepoint has appeared for three consecutive years on the Financial Times’ list of Africa’s fastest-growing companies and was recently featured among CNBC’s top global fintechs.
With this latest funding, it joins a small but growing circle of African fintechs including Flutterwave, OPay, and MNT-Halan, that have managed to balance rapid scale with sustained profitability.