Digital financial institution, Moniepoint Inc., says it has raised over 200 million dollars in equity financing in a recently closed Series C funding round to enhance financial inclusion.
A statement by the firm on Tuesday said the landmark funding round highlights and accelerates Moniepoint’s momentum.
It said the investment reflects Moniepoint’s rapid growth, sustained profitability, proven impact, and drives its mission to accelerate financial dreams of businesses and customers across Africa, and the global diaspora.
According to the firm, the round was led by Development Partners International’s African Development (ADP) III fund, with significant participation from LeapFrog Investments, a leading impact investor.
Other investors in the round include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
Moniepoint is one of the few fintechs globally, and the first in Africa, to achieve profitability at unicorn scale while driving financial inclusion.
The proceeds of the round will be used to power the company’s next phase of growth.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., extended gratitude to the entire Moniepoint team for their tireless work that made the achievement possible.
“We founded the company out of a genuine passion to widen financial inclusion and to help African entrepreneurs realise their potential.
“That same passion drives the work we do today, and it is heartening to know it is shared by leading global institutions.
“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,” he said.
Also, Adefolarin Ogunsanya, Partner at Development Partners International (DPI), said since the first close of the landmark Series C, Moniepoint had grown to heights, delivering innovation alongside sustained growth and profitability.
“DPI is proud to have anchored this round, reaffirming our conviction and support for the business and its leadership team.
“We continue to be impressed by Moniepoint’s powerful combination of commercial success and its impact on financial inclusion,” Ogunsanya said.
He expressed hope for progress and continued partnership with Eniolorunda and his team as they upscale further in Nigeria and across Africa.
Karima Ola, Partner at LeapFrog Investments, said MSMEs are the heartbeat of African economies, creating the majority of jobs and driving innovation, but most having no access to digital banking and formal credit.
“Moniepoint has become an indispensable partner to MSMEs by empowering them with the digital tools and trust they need to transact, grow, and employ others at scale,” he said.
Ola explained the vision of LeapFrog to support the ongoing evolution of Africa’s financial infrastructure with well connected digital payment ecosystems, smooth cross-border payments, and seamless credit access for SMEs growth.
“Our investment in Moniepoint epitomises that vision,” he said.
Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at IFC, explained the firm’s experience in investing in technology-driven startups that help businesses process and accept payments in emerging markets.
“We look forward to supporting Moniepoint’s effort to increase the adoption of digital payments among MSME retailers in Nigeria, a segment underserved by banks and other traditional financial institutions.
“Moniepoint provides competitively priced point-of-service devices, as well as a modern platform enabling MSMEs to access loans, bookkeeping, and several other offerings.
“This allows merchants to grow their business and create more jobs in a sector considered the backbone of Nigeria’s economy, where cash is still predominant,” he said.
This latest capital raise sees Moniepoint expand its roster of blue-chip investors which already comprises institutions including QED Investors, Novastar Ventures, Lightrock, FMO, British International Investment, Global Ventures, Endeavor Catalyst, New Voices Fund, and Verod.
Financial Technology Partners acted as exclusive financial and strategic advisor to Moniepoint in this transaction.
It will be recalled that the Series C round’s first close announcement took place in October 2024.
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