Nigerian fintech Moniepoint Inc. has raised an additional $90 million, completing its $200 million Series C funding round to accelerate its expansion across Africa and international markets. The funding, supported by global investors including Visa Inc., Development Partners International (DPI), LeapFrog Investments, and Alphabet Inc.’s Google Africa Investment Fund, builds on the $110 million raised in 2024.
Moniepoint’s Senior Vice President, Ross Strike, highlighted growing global interest in African fintech, stating, “Investors familiar with emerging markets are increasingly willing to back Africa’s growth story.” The funds will strengthen operations in Nigeria, Moniepoint’s primary market, and support new market entries in the United Kingdom and Kenya.
According to a statement, the capital will enhance Moniepoint’s capacity to drive financial inclusion and support African businesses and individuals, while fueling its continental and global expansion. Founded in 2015 by Tosin Eniolorunda in Lagos, Moniepoint processes over $250 billion in annual transactions and is valued at over $1 billion, achieving unicorn status in October 2024 after its earlier $110 million raise.
Eniolorunda emphasized the company’s mission, saying, “Our passion for financial inclusion and empowering African entrepreneurs remains our driving force. This Series C funding will accelerate our growth, with financial happiness for Africans as our ultimate goal.” Farid Fezoua, Global Director for Disruptive Technologies at IFC, noted that the organization aims to support Moniepoint’s efforts to increase digital payment adoption among underserved MSME retailers in Nigeria.
Moniepoint joins other Nigerian fintech unicorns like Flutterwave, Interswitch, and Opay, as the sector sees significant investment, with mobility startup Moove reportedly seeking $300 million at a $2 billion valuation.
