Moniepoint, Nigeria’s leading financial ecosystem provider, has raised $110 million in a Series C funding round aimed at accelerating its growth and expanding digital banking services across Africa. Established in 2015 by Tosin Eniolorunda and Felix Ike as TeamApt, Moniepoint has evolved into a robust platform supporting over 10 million businesses and individuals with seamless payment solutions, banking, credit, and business management tools.
With a significant footprint as Nigeria’s largest merchant acquirer, Moniepoint processes approximately $17 billion in monthly point-of-sale (POS) transactions while operating profitably. This latest investment round was led by Development Partners International’s African Development Partners III fund, a premier investment fund focused on Africa. Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock also participated, underscoring Moniepoint’s potential for regional impact.
The new capital will fuel Moniepoint’s mission to develop an all-encompassing financial platform tailored to African businesses. The platform is set to offer a suite of services, including digital payments, banking, foreign exchange (FX), credit, and essential business management tools—making it a comprehensive solution for entrepreneurs of all sizes across the continent.
“Our goal is to enhance our platform’s innovation, transparency, and security to better address the needs of African businesses,” said Eniolorunda. “This funding will accelerate our efforts to drive financial inclusion, empower Africa’s entrepreneurs, and foster financial resilience. We owe this milestone to the dedication of the entire Moniepoint team.”
Development Partners International’s Adefolarin Ogunsanya, who led the investment round, expressed confidence in Moniepoint’s future. “Moniepoint exemplifies profitable growth under strong leadership with a clear vision. This partnership aligns with DPI’s commitment to supporting high-potential businesses that contribute to Africa’s financial inclusion,” Ogunsanya noted. “With its innovative technology and broad impact, Moniepoint is set to reach even more businesses and individuals, providing them with world-class banking and payment solutions.”
Moniepoint’s momentum, supported by this substantial investment, marks a new chapter in its journey to reshape Africa’s financial landscape. As the company eyes future growth, it remains dedicated to empowering the continent’s businesses with cutting-edge, reliable financial tools.
