Nigerian fintech Moniepoint Inc. has raised an additional $90 million, boosting its Series C funding round to a total of $200 million as it seeks to expand across Africa and beyond.
The latest funding was backed by leading global investors, including Visa Inc., Development Partners International (DPI), LeapFrog Investments, and Alphabet Inc.’s Google Africa Investment Fund.
Moniepoint’s Senior Vice President, Ross Strike, told reporters that the surge in global investment reflects growing international interest in African fintech.
“We have seen more interest coming slowly from global investors, especially those that have seen other emerging markets, willing to underwrite the African growth story,” Strike said.
According to Ross Strike, the new capital will be used to bolster Moniepoint’s operations in Nigeria, its primary market, while also supporting the company’s expansion into the United Kingdom and Kenya.
Moniepoint is now valued at over $1 billion, though Strike did not disclose the exact figure. This latest funding round follows the $110 million the company raised in 2024.
Founded in 2015 by Tosin Eniolorunda in Lagos, Moniepoint offers payments, banking, and remittance services to millions of users.
The fintech processes more than $250 billion in annual transactions and plans to expand into at least five African countries over the medium to long term.
Africa’s growing population of young, tech-savvy users continues to drive rapid fintech adoption, attracting billions in investment.
Commenting on the investment, Moniepoint Founder and Group CEO Tosin Eniolorunda said the company was established out of a genuine passion to expand financial inclusion and empower African entrepreneurs to reach their full potential.
“That same passion drives the work we do today, and it is heartening to know it is shared by leading, global institutions. 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,” he said.
The Global Director for Disruptive Technologies, Services, and Funds at IFC, Farid Fezoua, said the organisation looks forward to supporting Moniepoint’s efforts to expand digital payment adoption among MSME retailers in Nigeria—a segment traditionally underserved by banks and other financial institutions.
In October 2024, Moniepoint raised $110 million in a Series C round from multiple investors, including Google, which valued the company at $1 billion and secured its status as a fintech unicorn.
