Moniepoint Secures $110 Million in Series C Funding, Led by DPI and Google’s Africa Investment Fund, to Drive Financial Inclusion Across Africa

London, UK – October 29, 2024 – Moniepoint Inc., Africa’s fastest-growing fintech company, has announced the successful completion of a $110 million Series C funding round. This latest financing effort, led by Development Partners International (DPI) and joined by Google’s Africa Investment Fund, Verod Capital, and Lightrock, will empower Moniepoint’s mission to expand digital financial inclusion and support Africa’s business sector. Moniepoint, known for its strong presence in digital payments and financial services, intends to use the capital to enhance its integrated platform for African businesses, combining banking, foreign exchange (FX), credit, and business management tools.

Series C Funding and Strategic Investor Involvement

The $110 million equity funding round brings together influential investment players committed to fostering financial growth in Africa. DPI’s African Development Partners III (ADP III) fund spearheaded the round, with new investments from Google’s Africa Investment Fund and Verod Capital, and continued support from existing investor Lightrock. The significant financial backing showcases Moniepoint’s reputation as a leader in Africa’s fintech landscape, with the company consistently delivering substantial growth and profitability across its offerings.

Financial Performance and Growth Trajectory

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has rapidly established itself as Nigeria’s top business banking provider, currently processing $17 billion in transactions monthly across over 800 million transactions. The company’s profitability, coupled with a staggering 150% annual growth rate, demonstrates its appeal to investors and its viability as a primary provider of digital and banking solutions. Notably, Moniepoint has held the title of Africa’s fastest-growing fintech for two years, as ranked by the Financial Times, underscoring its strong track record and operational resilience.

Expansion Plans and Commitment to Financial Inclusion

Moniepoint plans to allocate the Series C proceeds toward further expansion across Africa, creating a comprehensive, one-stop platform for businesses of all sizes. By integrating payments, banking, FX, credit, and management solutions into a single, accessible ecosystem, Moniepoint aims to streamline essential services for entrepreneurs and businesses. With 83% of Africa’s workforce engaged in informal sectors, Moniepoint’s emphasis on financial inclusion aligns with various African governments’ objectives to improve formal financial access.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his optimism for the company’s future, stating, “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. We’re just getting started.”

Endorsements from Leading Investors

Prominent figures from DPI, Verod Capital, Lightrock, and QED Investors highlighted Moniepoint’s positive social impact and growth potential. Adefolarin Ogunsanya, Partner at DPI, praised Moniepoint’s strategic vision and leadership, saying, “A profitable business led by an excellent team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.”

Lightrock’s Ravi Sharma noted the significance of Moniepoint’s role in the African financial landscape: “They have built one of the most promising fintechs in Africa by creating economic opportunities for others, most notably SME businesses – critical drivers of economic and social progress.”

Continued Commitment from Existing Investors

In this funding round, DPI and Google join Moniepoint’s existing investors, including QED Investors, Novastar Ventures, British International Investment, and Endeavour Catalyst, strengthening Moniepoint’s robust financial network. Danladi Verheijen, Managing Partner at Verod Capital, emphasized Moniepoint’s transformative role in fostering economic empowerment in underserved markets, a key alignment with Verod’s investment philosophy.

Advisory and Further Support

Financial Technology Partners acted as the exclusive financial and strategic advisor to Moniepoint in this Series C funding round, reinforcing the company’s commitment to structuring a strong, well-supported growth strategy that prioritizes both profit and social impact.

About Moniepoint
Since 2019, Moniepoint has served over 10 million businesses and individuals, focusing on enhancing payment, banking, and credit solutions to promote financial happiness across Africa. As Nigeria’s largest merchant acquirer, it powers the majority of the country’s Point of Sale (POS) transactions.

About Development Partners International
Development Partners International (DPI) manages over $3 billion in assets across three flagship funds, supporting high-growth, innovation-led companies in Africa. DPI emphasizes a gender-equitable workplace, with 50% female staff and adherence to the UN Sustainable Development Goals.