Moniepoint Secures $110 Million in Funding to Expand Fintech Platform Across Africa

Moniepoint Inc., the rapidly expanding fintech company in Africa, has successfully raised US$110 million in equity financing to further its mission of empowering businesses and customers across Africa and the diaspora. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint, previously known as TeamApt, has evolved into Nigeria's leading business banking provider. The company processes over 800 million transactions monthly, with a total value exceeding US$17 billion, all while maintaining profitability.

 The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund, with new investors including Google’s Africa Investment Fund and Verod Capital, along with existing investor Lightrock. The funds will be utilized to accelerate Moniepoint’s growth and develop an all-in-one platform offering digital payments, banking, foreign exchange, credit, and business management tools. The investment reflects Moniepoint’s significant impact on digital and financial inclusion, as well as its remarkable revenue growth and profitability.

Moniepoint Inc. is Africa’s all-in-one financial ecosystem, catering to 10 million businesses and individuals since 2019. It operates as Nigeria’s largest merchant acquirer, processing $17 billion monthly and delivering profitable performance. Development Partners International (DPI) is a leading investment firm driving growth, value, and positive impact in Africa. With over US$3 billion in assets under management, DPI’s ADP funds have made 32 investments across the continent, emphasizing high growth and impact-driven companies. The firm's commitment to gender equity and sustainable impact is also evident through its practices and partnerships.