Moniepoint, a leading Nigerian fintech and one of Africa’s fastest-growing unicorns, has raised an additional $90 million to finalize its Series C funding round, just one year after achieving unicorn status with a $110 million initial raise.
The latest investment, led by Development Partners International’s African Development Partners III (ADP III) fund and anchored by impact investor LeapFrog Investment, positions Moniepoint for aggressive growth across Africa and into international markets.
A robust lineup of global investors participated in the funding round, including Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
The capital infusion will accelerate Moniepoint’s mission to deliver financial inclusion and seamless services across the continent and beyond.
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Tosin Eniolorunda, Moniepoint’s CEO, emphasized the strategic deployment of the funds: “This landmark Series C will fuel our next chapter, driving momentum toward financial happiness for Africans everywhere.” The company has already expanded its offerings since the initial Series C, launching a remittance product, an inventory management solution, and contactless payment cards to meet diverse customer needs.
Moniepoint is also making bold moves in regional expansion. In June, it gained approval from the Competition Authority of Kenya (CAK) to acquire a majority stake in Sumac, a Kenyan microfinance bank, paving the way for entry into Kenya’s $67.3 billion mobile payments market.
Additionally, the company is strengthening its remittance capabilities with MonieWorld, a UK-based product launched in April that enables seamless money transfers to Nigerian bank accounts via British bank cards, Apple Pay, or Google Pay. Moniepoint Group has allocated $7.39 million for its London expansion, with nearly half already invested, according to UK regulatory filings.
With a focus on innovation and scalability, Moniepoint is poised to redefine financial services in Africa, leveraging its robust product suite and strategic acquisitions to empower businesses and individuals across borders.
