Nigerian fintech giant Moniepoint Inc. has secured an additional $90 million in funding to accelerate its expansion across Africa and other international markets, bringing its Series C round total to $200 million.
The funding round drew participation from 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, confirmed the development in an interview, noting that global investor confidence in Africa’s fintech sector continues to rise.
“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 the company, the fresh capital will strengthen its operations in Nigeria—its largest market—while supporting new market entries in the United Kingdom and Kenya.
In a statement, Moniepoint said the funds will “power the company’s next phase of growth, enhance its capacity to help African businesses and individuals realise their financial dreams, and accelerate its continued expansion across the continent and beyond.”
Although Strike declined to disclose Moniepoint’s exact valuation, the company is now reportedly worth over $1 billion, cementing its status as one of Africa’s leading fintech unicorns.
Founded in 2015 by Tosin Eniolorunda in Lagos, Moniepoint provides payments, banking, and remittance services to millions of users and now processes over $250 billion in annual transactions. The company plans to operate in at least five African countries in the medium to long term.
Commenting on the investment, Eniolorunda said Moniepoint’s mission has always been to deepen financial inclusion across the continent.
“That same passion drives the work we do today, and it is heartening to know it is shared by leading, global institutions,” he said. “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.”
Also speaking, Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at the International Finance Corporation (IFC), said the organization looks forward to supporting Moniepoint’s efforts to boost digital payment adoption among MSME retailers in Nigeria.
The latest investment follows the $110 million raised in October 2024, led by DPI’s African Development Partners III Fund, with participation from Google’s Africa Investment Fund, Verod Capital, and impact investor Lightrock.
