Moniepoint Raises Fresh $90m to Meet $200m Series C Funding

By Adedapo Adesanya

Moniepoint has raised an additional $90 million as part of its Series C round, bringing the total to $200 million after its initial $110 million raise in 2024.

The fresh investment was led by Development Partners International (DPI), with participation from the International Finance Corporation (IFC), Leapfrog Investments, Google’s Africa Investment Fund, and Visa. The round highlights growing investor confidence in Moniepoint’s long-term strategy and the broader potential of Africa’s digital financial ecosystem.

“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,” co-founder and CEO, Mr Tosin Eniolorunda said in a statement.

“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,” he added.

Although Moniepoint did not disclose its latest valuation, the company confirmed that the round places it well above the $1 billion mark, a milestone it first crossed in 2024 when it announced the earlier Series C tranche.

The new capital injection and the backing of global investors will see Moniepoint continue to grow as one of Africa’s most successful fintech companies. It has already became a household name through its agency banking network, which brought financial services to millions of underserved Nigerians.

The company claims to serve more than 10 million personal and business banking customers. The company says it is already profitable and now processes transactions worth over $250 billion annually.

In June, it secured approval from the Competition Authority of Kenya (CAK) to acquire a majority stake in Sumac, a Kenyan microfinance bank. When completed, Moniepoint will be able to compete in East Africa’s most promising market.

Moniepoint is also boosting its remittance play having earmarked $7.39 million for its London expansion, and so far, it has spent nearly half, according to UK regulatory filings. In April, it launched its first remittance product, MonieWorld, which allows UK residents to send money directly to any Nigerian bank account using a MonieWorld account, British bank cards, or Apple Pay and Google Pay.