Nigerian fintech startup Moniepoint has successfully raised $110 million (R1.9-billion) in Series C equity funding to enhance its digital banking services across Africa. Originally founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint serves over 10 million businesses and individuals, facilitating seamless payments and offering banking, credit, and business management tools.
As Nigeria’s largest merchant acquirer, Moniepoint processes approximately $17 billion in transactions monthly and operates profitably. The recent funding round was led by Development Partners International’s African Development Partners (ADP) III fund, with participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock.
The new capital will help accelerate Moniepoint’s growth, aiming to create an integrated platform that includes digital payments, banking, foreign exchange, credit, and business management services, making it a comprehensive solution for businesses of all sizes.
Tosin Eniolorunda emphasized the company’s mission to enhance financial inclusion and support Africa’s entrepreneurial spirit. With a robust business model and a clear strategic vision, Moniepoint is poised for significant expansion, aiming to provide innovative and secure financial solutions across the continent.