Moniepoint Raises $200m To Deepen Financial Inclusion In Africa

Nigerian fintech company Moniepoint Inc. has raised more than $200 million in a major Series C funding round led by Development Partners International (DPI), marking one of the largest equity investments in an African financial technology firm this year.

The funding round, announced on Tuesday, also drew participation from LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the International Finance Corporation (IFC).

The fresh capital is expected to accelerate Moniepoint’s expansion across Africa and other emerging markets while enhancing its suite of digital financial services tailored to small and medium-sized enterprises (SMEs).

Moniepoint, formerly known as TeamApt, said the new investment underscores investor confidence in its business model, which focuses on driving financial inclusion and supporting the backbone of Africa’s informal economy.

“This is a proud day for Moniepoint,” said the company’s co-founder and Chief Executive Officer, Tosin Eniolorunda.

“We founded the company to widen financial inclusion and help African entrepreneurs realise their potential. This funding will help us accelerate that mission” he said.

Founded in 2015, Moniepoint has evolved into Nigeria’s largest business banking platform, serving over 10 million active users and processing more than $250bn in annual transaction value.

The company has maintained profitability at scale, an uncommon achievement in the global fintech sector.

The funding comes on the heels of a series of new product launches, including MonieWorld, a remittance platform designed to connect the African diaspora in the United Kingdom, and a digital bookkeeping solution aimed at micro and small businesses.

These innovations reflect the company’s ongoing strategy to build a comprehensive ecosystem for African entrepreneurs.

DPI, which led the first close of the round in 2024, said Moniepoint’s strong growth and sustained profitability made it a standout player in the fintech space.

“Moniepoint continues to deliver innovation alongside sustained profitability,” said Adefolarin Ogunsanya, a partner at DPI.

He continued: “We’re proud to support its next phase of growth.”

LeapFrog Investments also highlighted the alignment of the deal with its mission of fostering inclusive and sustainable development across emerging markets.

“Our investment in Moniepoint supports a shared vision of building inclusive financial infrastructure across Africa,” said Partner at LeapFrog, Karima Ola.