Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power the dreams of millions of businesses and their customers across the continent and the diaspora.
The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. It is a premier fund focused on Africa.
Additionally, new investors joined the funding round. This includes a leading African private equity firm, Google’s Africa Investment Fund and Verod Capital. Existing investor, Lightrock, a global impact firm, also participated.
Tosin Eniolorunda and Felix Ike founded Moniepoint (formerly known as TeamApt) in 2015. Initially, it focused on providing infrastructure and payment solutions for banks and financial institutions. It has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses.
The capital raised will be used to accelerate growth for Moniepoint across Africa.
Further, that entails building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.
Moniepoint’s exceptional contributions to Nigeria’s financial services sector have been widely acknowledged, along with its enviable track record of serving customers across Africa.
Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion, all while operating profitably.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his excitement about the successful funding round and the company’s plans to expand its offerings and reach across the African continent.