Nigerian fintech giant Moniepoint Inc. has raised an additional $90 million, completing its Series C round at $200 million — a year after achieving unicorn status.
The new funding was led by Development Partners International’s African Development Partners III (ADP III) fund, with LeapFrog Investments anchoring the final close. Other participants include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
Moniepoint said the new capital will support its next phase of growth as it deepens its presence in Nigeria and expands into new markets, including Kenya and the United Kingdom.
“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,” — Tosin Eniolorunda, CEO, Moniepoint Inc.
Since its initial $110 million Series C round, Moniepoint has launched new products, including a remittance platform, an inventory finance solution, and contactless payment cards. The fintech also secured approval from Kenya’s Competition Authority to acquire a majority stake in Sumac Microfinance Bank, giving it a foothold in Kenya’s $67.3 billion mobile payments market.
Moniepoint’s Senior Vice President, Ross Strike, said global investor appetite for African fintech remains strong.
“We’ve seen growing interest from international investors, especially those who have watched other emerging markets and believe in the African growth story,” he said.
The company, founded in 2015 by Tosin Eniolorunda, now processes over $250 billion in annual transactions and serves millions of customers through its payment, banking, and remittance services.
Investors say the new funding will help Moniepoint drive digital payment adoption among small and medium-sized businesses, a segment still underserved by traditional banks.
“IFC looks forward to supporting Moniepoint’s efforts to increase digital payment adoption among MSME retailers in Nigeria,” said Farid Fezoua, IFC’s Global Director for Disruptive Technologies.
Moniepoint’s growing international push includes its London-based MonieWorld service, which enables UK residents to send money directly to Nigerian bank accounts via Apple Pay, Google Pay, or debit cards.
With this new raise, Moniepoint joins other African fintech leaders including Flutterwave, Interswitch, and Opay that have achieved unicorn status and are shaping Africa’s fast-growing digital economy.
