Moniepoint, Africa’s fastest-growing fintech company, has successfully secured US$110 million in equity financing to support the aspirations of millions of businesses and their customers across Africa and the diaspora. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint, formerly known as TeamApt, has established a remarkable track record in serving customers throughout Africa. Initially, the company focused on providing infrastructure and payment solutions for banks and financial institutions.
Over time, Moniepoint has evolved into Nigeria’s leading business banking provider, trusted by millions of businesses. Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion, all while maintaining profitability.
The Series C investment round was led by Development Partners International’s African Development Partners (ADP) III fund, a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital, a leading African private equity firm. Existing investor Lightrock, a global impact firm, also participated in the round. This new capital injection follows a successful period for Moniepoint, marked by significant operational and financial milestones.
In August 2023, Moniepoint entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank, experiencing a 2,000% growth in personal finance customers over the past year. Additionally, Moniepoint was ranked as Africa’s fastest-growing fintech for the second consecutive year by the Financial Times.
The Financial Times reports that this funding round elevates Moniepoint to unicorn status, with a valuation of $1 billion or more.
The newly raised capital will be used to accelerate Moniepoint’s growth across Africa, aiming to build an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will offer services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a comprehensive solution for business needs. The investment from DPI, Google’s Africa Investment Fund, Verod, and Lightrock underscores Moniepoint’s impact on digital and financial inclusion and its ability to foster economic activity and development.
Moniepoint has demonstrated a unique combination of growth and profitability, with revenue growing at over 150% CAGR in recent years, coupled with industry-leading gross profit and EBITDA margins. The company’s efforts in financial inclusion support initiatives by many African governments to expand access to the formal financial system and drive economic growth, which is crucial given that approximately 83% of employment across Africa is in the informal economy. Moniepoint’s positive impact on financial inclusion was recognized by the Central Bank of Nigeria in 2022 when it received the National Inclusive Payment Initiative Award.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., stated:
Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will accelerate our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible. We’ve been encouraged by the diversity and breadth of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.
Adefolarin Ogunsanya, Partner at Development Partners International, commented:
We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest-growing companies. A profitable business led by an excellent leadership team with a 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. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success. We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services.
In this latest capital raise, DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint, such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
Danladi Verheijen, Managing Partner at Verod Capital, said:
Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact. By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.
Ravi Sharma, Partner at Lightrock, also commented on the fundraise:
Tosin and the dedicated team at Moniepoint have achieved something remarkable. They have built one of the most promising fintechs in Africa by creating economic opportunities for others, most notably SME businesses – critical drivers of economic and social progress. Their innovative offering, which combines digital payments, banking, and business management tools, is transforming the financial landscape for millions of businesses across the continent. All of us at Lightrock are proud to be supporting Moniepoint through this next chapter as they scale their presence and positive impact.
Gbenga Ajayi, Partner and Head of Middle East and Africa at QED Investors, added:
We are delighted to welcome DPI and Google to the Moniepoint journey. We have been very impressed with the execution of the team and strong customer focus over the past few years. The results speak for themselves – Moniepoint has outperformed expectations and continues to deliver superior products to merchants across Nigeria. We couldn’t be more excited for the company’s next phase of growth.
