Nigerian fintech powerhouse Moniepoint Inc. has raised more than $200 million in a Series C funding round led by Development Partners International (DPI), marking one of the largest equity investments in Africa’s fintech sector this year. The round also attracted participation from LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the International Finance Corporation (IFC), underscoring strong global investor confidence in the company’s business model and growth trajectory.
The latest capital injection will enable Moniepoint to deepen its footprint across Africa, enhance its digital financial infrastructure, and strengthen its suite of products tailored for small and medium-sized enterprises (SMEs). The company said the funds would also support its mission to advance financial inclusion by extending formal financial services to underserved populations across the continent.
“This is a proud day for Moniepoint,” said Tosin Eniolorunda, the company’s co-founder and Chief Executive Officer. “This funding will help us accelerate our mission to widen financial inclusion and empower more businesses to thrive in the digital economy.”
Founded in 2015 as TeamApt, Moniepoint has evolved from a payment infrastructure provider into one of Africa’s most successful financial technology companies. It rebranded in 2023 to align its corporate identity with its flagship business banking platform, Moniepoint, which has become a household name among Nigerian entrepreneurs and merchants.
The company currently serves over 10 million users and processes more than $250 billion in annual transactions, reflecting its dominance in Nigeria’s rapidly expanding digital payments landscape. Its all-in-one business banking platform offers tools for payments, credit, and expense management—capabilities that have made it a preferred partner for micro, small, and medium-scale enterprises seeking efficient and affordable financial solutions.
In addition to its core banking and payment products, Moniepoint has launched MonieWorld, a cross-border remittance platform designed to connect the African diaspora with home markets. The product represents the company’s growing ambition to capture a share of the multi-billion-dollar remittance flows into Africa, which continue to serve as a vital source of household income and foreign exchange for many economies on the continent.
Development Partners International, the lead investor in the round, praised Moniepoint’s sustained profitability and operational resilience, which are uncommon in a fintech ecosystem often characterised by high cash burn and prolonged paths to profitability. “Moniepoint’s growth and profitability make it a standout investment in African fintech,” DPI said in a statement. “Its technology and customer-centric approach have positioned it as a key enabler of inclusive financial growth across emerging markets.”
For DPI, the deal aligns with its strategy of investing in high-impact African companies that combine strong financial performance with social value creation. The London-based private equity firm has previously backed leading African financial institutions and continues to focus on businesses that promote sustainable development and digital transformation.
The investment also signals growing international confidence in Nigeria’s fintech sector, which remains one of the most vibrant and well-funded in Africa despite a challenging macroeconomic environment marked by inflation, currency volatility, and evolving regulatory frameworks. Global investors have increasingly looked to Nigeria as a hub for scalable financial innovation, given its youthful population, large unbanked market, and rapid adoption of digital services.
Moniepoint’s continued success reflects the sector’s broader transformation from payment processing into full-service digital banking. The company’s expansion plans are expected to target key African markets, leveraging its existing infrastructure to provide accessible financial tools to millions of SMEs that remain excluded from formal banking systems.
The participation of Visa, Google’s Africa Investment Fund, and the IFC further reinforces Moniepoint’s global credibility. Visa’s involvement suggests potential synergies in payments and card issuance, while Google’s backing highlights the growing intersection between technology and financial inclusion in emerging markets. The IFC’s participation, meanwhile, signals continued institutional interest in private sector-led solutions to Africa’s financial inclusion gap.
As Moniepoint prepares for its next growth phase, analysts say the funding could help the company consolidate its leadership position in Nigeria and scale its technology-driven model across new markets in East, West, and Southern Africa. The capital will also provide the firepower to compete with regional heavyweights such as M-Pesa, OPay, and Flutterwave in the race to dominate Africa’s fast-evolving digital financial ecosystem.
With this latest round, Moniepoint joins the ranks of Africa’s best-capitalised fintechs and cements its status as a central player in the continent’s digital economy. Its trajectory—from a Nigerian startup to a pan-African financial services leader—illustrates both the promise of African innovation and the growing global appetite to back it.
