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Moniepoint Secures Additional $90m, Expanding Series C Round to $200m
African fintech giant Moniepoint has announced an additional $90 million raise as part of its Series C funding round, bringing the total to $200 million after an initial $110 million secured in 2024.
The new investment was led by Development Partners International (DPI), with participation from the International Finance Corporation (IFC), Leapfrog Investments, Google’s Africa Investment Fund, and Visa. The round reflects growing investor confidence in both Moniepoint’s long-term growth strategy and the vast potential of Africa’s digital finance sector.
“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,” said Tosin Eniolorunda, Moniepoint’s co-founder and CEO.
Visa’s involvement in the round marks another step in the global payments company’s deepening relationship with Africa’s fintech ecosystem. The firm has previously backed Interswitch, Paystack, and Flutterwave, and recently launched a fintech accelerator programme to support upcoming innovators across the continent.
While Moniepoint did not disclose its updated valuation, the company confirmed it remains well above the $1 billion mark, which it first surpassed in 2024.
Founded as a software provider for Nigerian banks, Moniepoint has evolved into one of Africa’s leading financial technology companies. It gained prominence through its extensive agency banking network, which has delivered financial inclusion to millions of underserved Nigerians. Today, the company serves over 10 million personal and business customers and processes more than $250 billion in annual transactions, while maintaining profitability.
In addition to its domestic success, Moniepoint has expanded internationally, beginning with the United Kingdom, where it seeks to serve Africans in the diaspora with digital banking solutions. However, the company recently reported a $1.2 million loss, attributed to upfront investments in its UK operations.
Despite this, analysts say the new capital infusion and support from leading global investors position Moniepoint to consolidate its dominance across Africa and accelerate its expansion into international markets.
