Nigerian Fintech Moniepoint Secures $110M For Expansion

Moniepoint, a Nigerian-based fintech company, has successfully raised $110 million in a Series C funding round. 

The financing was led by Development Partners International’s African Development Partners III (ADP III) fund, with participation from investors such as Google’s Africa Investment Fund, Verod Capital, and Lightrock.

Strategic Focus on Business Banking and Financial Access

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint originally launched as TeamApt. 

The company has since shifted from supporting bank infrastructure to becoming one of Nigeria’s largest business banking providers, serving millions of African businesses. 

According to Moniepoint, it currently processes over 800 million transactions each month, totaling more than $17 billion.

Moniepoint’s platform provides a range of services beyond standard banking, including business loans, expense management tools, bookkeeping solutions, and more. 

In 2023, the company also entered the personal banking market with an app and debit card, positioning itself as a one-stop financial solution for both businesses and individuals.

Funding to Fuel Regional Growth and Financial Inclusion Efforts

Moniepoint’s latest funding round is expected to support its expansion across more African countries. 

The company noted that proceeds would go toward building additional digital financial services, including FX and credit options, to offer comprehensive financial tools tailored to Africa’s diverse markets. 

The company’s approach aligns with broader financial inclusion efforts, as many African countries seek to integrate more businesses and individuals into formal financial systems.

“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure,” Eniolorunda mentioned in the news release shared with AfroTech.

“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.”

Significant Growth and Market Potential

Moniepoint has seen rapid growth, with a 2,000% increase in its personal finance user base over the past year and revenue growing at a 150% annual rate, according to the company. 

This growth comes as Moniepoint seeks to scale operations to serve Africa’s vast informal sector, which employs around 83% of the continent’s workforce.

With backing from both new and existing investors, Moniepoint plans to use this capital injection to further its commitment to financial access and strengthen its position in Africa’s competitive fintech space.

Feature Image Credit: Moniepoint