Moniepoint raises additional $90m capital, as valuation hits $1bn
By Olakunle Oke
Moniepoint, a leading player in Africa’s digital financial ecosystem, has successfully closed an additional $90 million as part of its Series C funding round. This fresh capital brings the total raised in the Series C to $200 million, following its initial $110 million secured in 2024.
The funding round was led by Development Partners International (DPI), with significant participation from the International Finance Corporation (IFC), Leapfrog Investments, Google’s Africa Investment Fund, and Visa. This new raise signals strong investor confidence in Moniepoint’s vision and the growing potential of African fintech.
Tosin Eniolorunda, Moniepoint’s co-founder and CEO, affirmed the company's commitment to financial inclusion. He stated that the total Series C proceeds 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."
Visa’s participation in the round highlights the global payment giant’s continued interest in Africa’s fintech sector. Apart from Moniepoint, Visa has invested in other leading players such as Interswitch, Paystack, and Flutterwave, and recently launched a fintech accelerator programme to support emerging innovators across the continent.
According to Moniepoint, the new investment pushes its valuation well above the $1 billion mark, a milestone it first achieved in 2024 after the earlier tranche of its Series C raise.
Founded as a software provider for Nigerian commercial banks, Moniepoint has evolved into one of Africa’s most successful fintech companies. It gained prominence through its extensive agency banking network, which has brought financial services to millions of underserved Nigerians.
The company currently serves more than 10 million personal and business banking customers, processes transactions worth over $250 billion annually, and reports that it is already profitable.
Moniepoint has also expanded beyond agency banking, using its microfinance bank licence to provide a broader range of personal and business banking services. In addition, it has ventured into international markets, starting with the United Kingdom, where it offers digital banking solutions tailored to Africans in the diaspora.