Investors recognize the growth potential and impact of this rapidly rising fintech providing digital payments and banking solutions across Africa.
Moniepoint Inc., Africa’s fastest-growing fintech, successfully raised US$110 million in equity financing, supporting its all-in-one financial ecosystem. Since its launch in 2019 over 10 million businesses and individuals have been served with access to seamless payments, banking, credit, and business management tools.
The company’s recent close of a Series C round was led by Development Partners International’s African Development Partners (ADP) III Fund, joined by first-time investors Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm Lightrock, an existing investor, also participated.
Tosin Eniolorunda and Felix Ike, co-founded Moniepoint (formerly TeamApt) in 2015. The startup initially provided infrastructure and payment solutions for banks and financial institutions. Now it is Nigeria’s leading business banking provider, processing over 800 million transactions monthly with a total value of over US$17 billion.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible,” said CEO Eniolorunda.
With its latest funding round, Moniepoint will accelerate its growth, introducing its One-Stop-Shop to customers across Africa. Their investors recognize this digital and financial inclusion impact, broadly fostering economic activity and development. Their expansion plans build on the company’s growth and profitability, with revenue reaching over 150% CAGR in recent years and having industry-leading gross profit and EBITDA margins.
“We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest growing companies. A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa,” said Adefolarin Ogunsanya, Partner at Development Partners International.
