Moniepoint secures US$110m funding to boost digital payments
Moniepoint Inc has successfully raised US$110 million in equity financing, to power the dreams of millions of businesses and their customers across Africa and the diaspora. Moniepoint’s exceptional contributions to Nigeria’s financial services sector has been widely acknowledged alongside an enviable track record of serving customers across Africa. Founded in 2015 by Tosin Eniolorunda and […]
Moniepoint Inc has successfully raised US$110 million in equity financing, to power the dreams of millions of businesses and their customers across Africa and the diaspora.
Moniepoint’s exceptional contributions to Nigeria’s financial services sector has been widely acknowledged alongside an enviable track record of serving customers across Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt), which initially focused on providing infrastructure and payment solutions for banks and financial institutions, has grown into Nigeria’s leading business banking provider, trusted by millions of businesses.
Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion—all while operating profitably.
The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa.
Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated in the funding round.
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According to a statement, the capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes.
This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential.”