Moniepoint Secures $110m Funding To Boost Digital Payments, Financial Inclusion

Moniepoint Inc. has secured $110 million in equity financing.

The investment aims to empower millions of businesses and their customers across Africa and its diaspora, propelling the continent’s financial infrastructure to new heights.

Founded in 2015 by Mr. Tosin Eniolorunda and Mr. Felix Ike, Moniepoint, formerly known as TeamApt, has built a formidable reputation in Nigeria’s financial sector. Initially focused on delivering infrastructure and payment solutions for banks and financial institutions, Moniepoint has since evolved into the country’s leading business banking provider. The company’s services are trusted by millions, processing over 800 million transactions monthly, with a total monthly transaction value surpassing $17 billion—all while maintaining profitability.

The recent Series C funding round was spearheaded by Development Partners International’s African Development Partners (ADP) III fund, a prominent investor specialising in African markets. The round also attracted new backers, including Google’s Africa Investment Fund and Verod Capital, a top-tier African private equity firm. Existing investor Lightrock, a global impact-focused firm, further demonstrated its confidence in Moniepoint’s vision by participating in the round.

Moniepoint plans to utilise the fresh capital to fuel its growth across Africa. The funding will support the development of a comprehensive, integrated platform designed for businesses of all sizes. This platform will offer a suite of services encompassing digital payments, banking, foreign exchange (FX), credit, and business management tools, providing a one-stop solution for African entrepreneurs.

Mr. Eniolorunda, Moniepoint’s Founder and Group Chief Executive Officer, emphasised the broader vision of the funding: “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential.”

This strategic move aligns with Moniepoint’s dedication to enhancing financial accessibility and bolstering the region’s entrepreneurial ecosystem, reinforcing its position as a key driver in the continent’s digital economy.