Moniepoint Secures $110m Funding From Google, Others To Scale Digital Payments 

Moniepoint Inc has successfully raised $110 million in equity financing, to power the dreams of millions of businesses and their customers across Africa and the diaspora.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector has been widely acknowledged alongside an enviable track record of serving customers across Africa.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) which initially focused on providing infrastructure and payment solutions for banks and financial institutions, has grown into Nigeria’s leading business banking provider, trusted by millions of businesses.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion—all while operating profitably.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated in the funding round.

The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes.

This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth – a vital necessity given c. 83% of employment across Africa is in the informal economy.

Moniepoint’s positive impact towards financial inclusion was recognised by the Central Bank of Nigeria in 2022, when it received the National Inclusive Payment Initiative Award.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible. We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”

In this latest capital raise – DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.

Speaking to the rationale for their investment, Adefolarin Ogunsanya, Partner at Development Partners International, noted that “we are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest growing companies. A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa. DPI has a long-track record of supporting businesses like Moniepoint to achieve their next stage of scale. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success. We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services.”

The investment conviction from DPI, Google’s Africa Investment Fund, Verod and Lightrock is testament to the impact Moniepoint is having through digital and financial inclusion and its game changing ability to foster economic activity and development.

As, Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools, Moniepoint through its subsidiaries is Nigeria’s largest merchant acquirer, currently processing the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries with $17 billion in monthly TPV.

In August 2023, Moniepoint entered the personal banking market and has experienced 2,000% growth in personal finance customers over the past year while growing its revenue at over 150% CAGR in recent years with industry leading gross profit and EBITDA margins.

It will be recalled that for the third year in a row, Moniepoint Inc, was recently listed in the seventh edition of the annual CB Insights’ Fintech 100 List as one of the 100 most promising private fintech companies of 2024.

CB Insights is regarded by top industry analysts as the most trusted source for technology market insights.