Moniepoint Joins Africa’s Unicorn Club with $110M Series C led by DPI and Google

LONDON / LAGOS — Moniepoint Inc., Africa’s fastest-growing financial technology company, has officially closed a $110 million Series C equity financing round, pushing the business past a $1 billion valuation to become Africa’s latest tech unicorn.

The funding round was led by Development Partners International (DPI) through its African Development Partners III (ADP III) fund. The raise drew participation from Google’s Africa Investment Fund and West African private equity firm Verod Capital, with existing global impact investor Lightrock increasing its commitment.

The new capital will accelerate Moniepoint's expansion across the continent as it builds an integrated digital platform encompassing payments, business banking, foreign exchange, credit, and working capital tools for African enterprises.

“This raise is important decision-wise to the team as a validation of our grit and commitment over nearly a decade of work. I'm proud of every team member—now over 2,000 of us in 20+ countries—whose tireless devotion to our mission has made this possible,” said Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc. “Our hard work has paid off, but with the size of our dreams, this still feels like Day One. Why have we raised? The capital raised will accelerate our growth across Africa, as we build an all-in-one, seamlessly integrated platform for African businesses of all sizes.”

Founded in 2015 by Tosin Eniolorunda and Felix Ike as TeamApt, Moniepoint initially provided core banking infrastructure for traditional financial institutions before pivoting to merchant acquiring and business banking. Today, the platform processes over 800 million transactions monthly with a total payment volume (TPV) exceeding $17 billion, operating profitably while servicing over two million businesses across Nigeria.

In mid-2023, the group expanded into consumer financial services via Moniepoint Microfinance Bank, achieving over 2,000% customer growth in its personal banking segment over the subsequent twelve months.

“We are delighted to lead this investment round in Moniepoint, one of Africa's most exciting and fastest growing companies,” said Adefolarin Ogunsanya, Partner at Development Partners International (DPI). “A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa. DPI has a long track record of supporting businesses like Moniepoint to achieve their next stage of scale.”

“Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact,” added Danladi Verheijen, Managing Partner at Verod Capital. “By supporting Moniepoint's ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”

The deal reinforces growing investor focus on fintech platforms in emerging markets that demonstrate proven profitability alongside deep market penetration in informal economic sectors.

Learn More at: https://moniepoint.com/blog/moniepoint-has-raised-usdollar110-million