Moniepoint secures $110 million in Series-C round backed by Google

Omokolade Ajayi -
Key Points
  • Moniepoint Inc. raises $110 million in Series C, led by Google’s Africa Investment Fund and DPI, to expand digital payment and banking solutions.
  • CEO Tosin Eniolorunda says the funding will accelerate growth, empowering African businesses with payments, credit, and business management tools.
  • With over 600,000 businesses onboard, Moniepoint aims to expand its fintech portfolio through strategic acquisitions and partnerships.

Moniepoint Inc., a financial software company led by Nigerian tech entrepreneur Tosin Eniolorunda, has achieved a significant milestone, raising $110 million in its Series-C funding round, with participation from Google.

This strategic investment is set to elevate the company’s digital payment and banking capabilities, reinforcing its commitment to revolutionizing financial services across Africa.

The funding round garnered support from existing investors, including London-based Development Partners International (DPI) and private equity firm Lightrock, alongside new contributions from Google’s Africa Investment Fund and Verod Capital.

The investment signals strong confidence from DPI, Google’s Africa Investment Fund, Verod, and Lightrock in Moniepoint’s ability to drive digital and financial inclusion, as well as foster economic development.

With a remarkable compound annual growth rate (CAGR) exceeding 150% in recent years, Moniepoint boasts industry-leading gross profit and EBITDA margins, highlighting its profitability and growth potential.

Moniepoint funding to boost African services

Tosin Eniolorunda, CEO of Moniepoint, emphasized that this funding will accelerate the company's growth trajectory, allowing it to create a comprehensive platform tailored for African businesses of all sizes.

This innovative platform will encompass a range of services, including digital payments, banking, cross-border transactions, credit, and business management tools, providing a holistic solution for business needs.

“We’ve successfully provided tools for Africans to manage their finances and expand their enterprises,” Eniolorunda stated. “Now, we’re set on extending this capability to every African, everywhere.”

“This raise marks a new beginning for us, pushing the boundaries of access to formal financial systems in an informal sector that employs over 83 percent of Africa's workforce,” Eniolorunda added, emphasizing the company’s vision of achieving financial happiness for all Africans.

Moniepoint drives financial access across Africa

Moniepoint Inc., founded as Apt Inc. by Eniolorunda in 2015, has rapidly evolved into a powerhouse within the fintech space.

With a goal of fostering widespread financial happiness, the company initially concentrated on developing solutions for seamless money management by both businesses and individuals.

Under Eniolorunda’s leadership, Moniepoint has secured a top spot in Nigeria’s fintech landscape, empowering entrepreneurs by giving them equitable access to growth-enabling tools.

Its portfolio includes more than 600,000 businesses spanning various sizes, and it operates Nigeria’s most extensive business payments platform.

In a series of strategic moves in 2023, Moniepoint received approval to acquire Kopo Kopo, a Kenyan firm specializing in payment services and credit provision.

Additionally, it led a $3-million investment in Payday, a fintech startup offering global accounts in USD, EUR, and GBP to Africans, marking its inaugural investment in the company.