Moniepoint Raises $200m in Landmark Series C to Deepen Financial Inclusion

Nume Ekeghe

Moniepoint Inc. has successfully closed a US$200 million Series C funding round to accelerate its mission of driving financial inclusion across Africa and the global diaspora.

The landmark round was led by Development Partners International’s African Development (ADP) III fund, with significant participation from LeapFrog Investments, a leading impact investor. Other global backers in the round included Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.

The equity raise, which positions Moniepoint among the few profitable fintechs at unicorn scale, reflects its strong fundamentals, sustained growth, and impact in empowering small and medium-scale enterprises (MSMEs). The company processes over US$250 billion in annual transaction value, serving more than 10 million active businesses and personal banking customers across Nigeria and other African markets.

In a statement from the firm, they stated that the proceeds of the round will be used to power the company’s next phase of growth, enhancing its capacity to help African businesses and individuals realise their financial dreams and accelerating Moniepoint’s continued expansion across the continent and into international markets.

Founder and Group CEO of Moniepoint Inc., Tosin Eniolorunda, said, “This is a proud day for Moniepoint, and I extend my sincere gratitude to the entire team for their tireless work to make this possible. We founded the Company out of a genuine passion to widen financial inclusion and to help African entrepreneurs realise their potential. That same passion drives the work we do today, and it is heartening to know it is shared by leading, global institutions.

“We will not rest on our laurels. The proceeds from our landmark Series C 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.”

Partner at Development Partners International, Adefolarin Ogunsanya added, “Since leading the first close of this landmark Series C, we have seen Moniepoint reach new

heights – delivering innovation alongside sustained growth and profitability. DPI is proud to have anchored this round, reaffirming our conviction and support for the business and its leadership team.

“We continue to be impressed by Moniepoint’s powerful combination of commercial success and its impact on financial inclusion, and look forward to our continued

partnership with Tosin and his team as they scale further in Nigeria, across Africa and

beyond.”

Partner at LeapFrog Investments, Karima Ola, added, “MSMEs are the heartbeat of African economies – creating the majority of jobs and driving innovation.

“However, the vast majority have no access to digital banking and formal credit.

“Moniepoint has become an indispensable partner to MSMEs by empowering them with the digital tools and trust they need to transact, grow, and employ others at scale.

“At LeapFrog, our vision is to support the ongoing evolution of Africa’s financial infrastructure where global digital payment ecosystems are well connected; cross-border payments are smooth, safe and affordable; and SMEs have seamless access to credit, digital payments, and the wider suite of financial tools they need to thrive.

“Our investment in Moniepoint epitomises that vision.”

Global Director for Disruptive Technologies, Services, and Funds at IFC, Farid Fezoua, stated that the partnership would deepen digital adoption among Nigerian MSMEs, a segment largely underserved by traditional banks.

Fezoua said, “IFC has extensive experience in investing in technology-driven startups that help businesses process and accept payments in emerging markets.

“We look forward to supporting Moniepoint’s effort to increase the adoption of digital payments among MSME retailers in Nigeria, a segment underserved by banks and other traditional financial institutions.

“Moniepoint provides competitively priced point-of-service devices, as well as a modern platform enabling MSMEs to access loans, bookkeeping, and several other offerings. This allows merchants to grow their business and create more jobs in a sector considered the backbone of Nigeria’s economy, where cash is still predominant.”

The latest capital raise sees Moniepoint expand its roster of blue-chip investors, which already comprises institutions, including QED Investors, Novastar Ventures, Lightrock, FMO, British International Investment, Global Ventures, Endeavor Catalyst, New Voices Fund, and Verod.

Financial Technology Partners acted as exclusive financial and strategic advisor to Moniepoint in the transaction.