Tosin Eniolorunda and Felix Ike the founding members of Moniepoint, previously known as TeamApt, has evolved from a provider of payment solutions for banks into Nigeria’s premier business banking platform, now serving millions of enterprises.
In a significant boost to its expansion plans, Moniepoint recently closed a Series C funding round led by Development Partners International’s African Development Partners (ADP) III fund, recognized for its commitment to African investments. Notable new backers include Google’s Africa Investment Fund and Verod Capital, a prominent African private equity firm. Existing investor Lightrock also participated in this funding round.
The capital raised will be instrumental in accelerating Moniepoint’s growth across the continent, enabling the development of an all-in-one platform designed for businesses of all sizes. This integrated solution will feature digital payments, banking services, foreign exchange, credit options, and business management tools, effectively positioning Moniepoint as a comprehensive hub for business solutions.
Moniepoint’s remarkable impact on Nigeria’s financial services landscape has garnered widespread recognition, showcasing an impressive track record in serving customers throughout Africa. The company currently processes over 800 million transactions each month, with a total monthly value surpassing $17 billion, all while maintaining profitable operations.
Tosin Eniolorunda, Founder and Group CEO, emphasized the company’s mission: “Our goal is to empower our customers by enhancing our platform’s innovation, transparency, and security. This funding will expedite our efforts to promote financial inclusion and unlock Africa’s entrepreneurial potential. I want to extend my gratitude to the entire Moniepoint team for making this achievement possible. The diversity of our users and their trust in our services inspires us, but this is just the beginning—today marks the start of an exciting journey ahead.”
