Moniepoint raises $110 million in equity financing, marking a significant step toward expanding its digital banking services across Africa. This capital injection will accelerate Moniepoint’s growth and support businesses that rely on its innovative banking platform.
Moniepoint Raises $110 Million to Drive Growth Across Africa
Moniepoint Inc., founded by Tosin Eniolorunda and Felix Ike in 2015, has revolutionized business banking in Nigeria. As the country’s leading business banking provider, Moniepoint processes over 800 million transactions each month, valued at over $17 billion. Recently, Moniepoint raised $110 million in equity financing, led by Development Partners International’s ADP III fund.
Additionally, new investors such as Google’s Africa Investment Fund and Verod Capital participated in this Series C round, along with existing investor Lightrock. With this new capital, Moniepoint aims to expand its reach and build an all-in-one platform that offers digital payments, foreign exchange (FX), credit, and business management tools.
Empowering Businesses Across the Continent
The $110 million raised will be critical in helping Moniepoint enhance its offerings, particularly for small and medium-sized enterprises (SMEs). These businesses are the backbone of Africa’s economy. Moreover, Moniepoint’s integrated platform simplifies their banking needs. In fact, the company’s innovative approach allows these businesses to access seamless digital services, making financial management more efficient.
Vision and Leadership
Tosin Eniolorunda, Moniepoint’s CEO, emphasized, “This investment will drive our mission to empower African businesses. With $110 million raised, we can continue innovating and offering secure, transparent solutions that support financial inclusion.” Furthermore, the leadership team is focused on scaling these solutions to meet the growing demand.
Driving Financial Inclusion in Africa
This latest funding round represents a key moment for Moniepoint and the African fintech landscape. As a result, Moniepoint is well-positioned to lead the charge in driving financial inclusion, which is crucial for Africa’s economic future. Consequently, the $110 million raised ensures that Moniepoint will continue delivering digital banking services, helping African businesses thrive. Ultimately, this growth will contribute to stronger economic progress across the continent.