Africa's largest fintech, Moniepoint, raised 200 million dollars.

Moniepoint's Growth Goals

Nigerian fintech company Moniepoint Inc. announced that it has raised over $200 million in a financing round led by Development Partners International. The company aims to expand its digital financial services across Africa and beyond.

Financing Round and Participants

This Series C funding includes significant investors such as LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the International Finance Corporation, making it one of the largest equity raises in Africa's fintech sector this year.

Corporate Objectives

Moniepoint (formerly TeamApt) stated that this funding will help them enter new markets and provide better services to small and medium-sized enterprises. These businesses are crucial elements driving Africa's informal economy.

Company Success and Innovations

The company's co-founder and CEO Tosin Eniolorunda said, “This is a proud day for Moniepoint. We founded the company to expand financial inclusion and unlock the potential of entrepreneurs in Africa. This funding will help accelerate our mission.”

Founded in 2015, Moniepoint has become Nigeria's largest business banking platform. The company serves over 10 million active users and surpasses an annual transaction value of $250 billion. Additionally, maintaining profitability at scale is a rare achievement among global fintechs.

New Product Development

The funding comes after the launch of new products such as MonieWorld, a remittance platform targeting the African diaspora in the United Kingdom, and an accounting tool for micro and small businesses.

Development Partners International noted that by leading this round in 2024, Moniepoint presents a significant investment opportunity combining growth and impact. DPI partner Adefolarin Ogunsanya stated, “Moniepoint continues to innovate and maintain sustainable profitability. We are proud to support their next phase of growth.”

LeapFrog’s Karima Ola expressed that this investment aligns with their vision for building inclusive financial infrastructure in Africa. Other investors such as Lightrock, Alder Tree Investments, Proparco, Swedfund, and Verod Capital Management also participated in the financing round. Financial Technology Partners provided specialized advisory to Moniepoint.