Moniepoint, one of Africa’s fastest-growing fintech, announces it has raised US$110 million in equity financing.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has a track record of serving customers across Africa. Initially focused on providing infrastructure and payment solutions for banks and financial institutions, Moniepoint has grown into Nigeria’s leading business banking provider.
The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated.
The new capital follows a successful period for Moniepoint building on its profitable business model with major operational and financial milestones. In August 2023, Moniepoint entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank, experienced 2,000% growth in personal finance customers over the past year, and was ranked as Africa’s fastest-growing fintech for the second consecutive year by the Financial Times.
The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.
The investment conviction from DPI, Google’s Africa Investment Fund, Verod and Lightrock is testament to the impact Moniepoint is having through digital and financial inclusion and its game changing ability to foster economic activity and development. It also speaks to the unique combination of growth and profitability the business has demonstrated, growing revenue at over 150% CAGR in recent years with industry leading gross profit and EBITDA margins.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said:
“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.
“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”
Financial Technology Partners acted as exclusive financial and strategic advisor to Moniepoint.
Featured image credit: edited from Moniepoint
