MONIEPOINT RAISES OVER $200M IN SERIES C FUNDING TO DRIVE FINANCIAL INCLUSION ACROSS AFRICA

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By Aishat Momoh. O.

Digital financial institution Moniepoint Inc. has announced the successful completion of its Series C funding round, raising over $200 million in equity financing to accelerate financial inclusion and expand its services across Africa and the global diaspora.

In a statement issued on Tuesday, the firm described the funding as a landmark milestone that underscores its rapid growth, sustained profitability, and proven impact on financial empowerment for individuals and small businesses.

The round was led by Development Partners International’s African Development (ADP) III fund, with major participation from LeapFrog Investments, Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.

Moniepoint noted that it remains one of the few fintechs globally and the first in Africa to achieve profitability at unicorn scale while continuing to advance financial inclusion. The proceeds, it said, will be deployed to power its next phase of growth and innovation.

Founder and Group CEO, Tosin Eniolorunda, expressed gratitude to the Moniepoint team and investors for their trust and support, saying the company’s mission remains “to widen financial inclusion and help African entrepreneurs realise their potential.”

“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,” Eniolorunda said.

Adefolarin Ogunsanya, Partner at Development Partners International, said Moniepoint’s combination of “commercial success and social impact” made it a model African fintech success story.

“DPI is proud to have anchored this round, reaffirming our conviction and support for the business and its leadership team,” he said, pledging continued partnership as Moniepoint scales across the continent.

Karima Ola, Partner at LeapFrog Investments, noted that micro, small, and medium enterprises (MSMEs) the backbone of African economies have benefited greatly from Moniepoint’s digital tools and financial trust.

“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,” Ola said.

Also speaking, Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at the IFC, said the institution was pleased to support Moniepoint’s mission to expand digital payment adoption among MSMEs in Nigeria.

“Moniepoint provides competitively priced point-of-service devices and a modern platform enabling MSMEs to access loans, bookkeeping, and other offerings — allowing them to grow their businesses and create more jobs,” Fezoua noted.

This latest funding expands Moniepoint’s list of blue-chip investors, which already includes QED Investors, Novastar Ventures, FMO, British International Investment, Global Ventures, Endeavor Catalyst, and New Voices Fund.

Financial Technology Partners acted as the exclusive financial and strategic advisor for the transaction.

Moniepoint’s first close of the Series C round was initially announced in October 2024.