Moniepoint, a leading fintech company in Africa, has announced the successful raise of an additional $90 million as part of its ongoing Series C funding round, bringing the total amount raised to $200 million after an initial $110 million investment in 2024.
The latest investment was spearheaded by Development Partners International (DPI), with contributions from notable investors including the International Finance Corporation (IFC), Leapfrog Investments, Google’s Africa Investment Fund, and Visa. This funding round further underscores the growing investor confidence in Moniepoint’s long-term strategy and highlights the vast potential of Africa’s rapidly expanding digital financial ecosystem.
In a statement regarding the raise, Tosin Eniolorunda, co-founder and CEO of Moniepoint, emphasized the company’s commitment to sustained growth. “We will not rest on our laurels. The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story – with financial happiness for Africans everywhere remaining our ultimate goal,” Eniolorunda said.
Visa’s participation in the funding round is particularly significant, as the global payments giant continues to deepen its engagement with Africa’s leading fintech players. In addition to Moniepoint, Visa has invested in other major players in the African fintech space, including Interswitch, Paystack, and Flutterwave. Visa has also launched a fintech accelerator program aimed at nurturing the next generation of financial services innovators across the continent.
While Moniepoint did not disclose its exact valuation following the funding round, the company confirmed that it now sits comfortably above the $1 billion valuation threshold—a milestone it initially crossed in 2024 when it announced its first Series C tranche.
Moniepoint’s journey began as a software provider for Nigerian commercial banks, but it has since evolved into one of Africa’s most successful fintech companies. The company gained widespread recognition through its agency banking network, which brought crucial financial services to millions of underserved Nigerians. Today, Moniepoint serves more than 10 million personal and business banking customers across the continent. It has achieved profitability and now processes transactions worth over $250 billion annually, solidifying its position as a key player in Africa’s financial landscape.
In addition to its latest funding achievement, Moniepoint’s continued success reflects the growing trend of African fintech companies attracting significant global investment as the region becomes an increasingly important hub for digital financial services innovation.
