KEY POINTS
- Moniepoint global expansion continues with $90 million raise.
- The fintech processes over $22 billion monthly.
- MonieWorld links UK migrants with African fintech inclusion.
Moniepoint Inc., the Nigerian financial software company founded by Tosin Eniolorunda, has secured an additional $90 million in an extension of its Series C funding round.
The new raise brings its total funding to $200 million, a year after it achieved a $1 billion valuation following its initial $110 million round.
The round was led by Development Partners International’s ADP III fund, with LeapFrog Investments as an anchor investor. Other notable participants include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, IFC, Proparco, Swedfund, and Verod Capital Management.
Eniolorunda said the capital will fuel Moniepoint’s expansion across Africa and new international markets. “Our goal remains simple: to make financial happiness and inclusion a reality for individuals and businesses across Africa,” he stated.
Moniepoint growth strengthens amid fintech investor confidence
Ross Strike, Moniepoint’s senior vice president, said investor confidence in African fintech remains high. “We’re seeing global investors ready to commit to Africa’s growth story,” he also noted.
Founded to empower small businesses, Moniepoint now serves over 600,000 businesses, processes more than one billion transactions monthly, and handles payment volumes exceeding $22 billion.
The company also expanded into Kenya through its acquisition of Kopo Kopo and led a $3 million investment in Payday, a startup offering Africans access to global currency accounts.
Moniepoint global expansion drives African fintech inclusion
Now headquartered in London and Lagos, Moniepoint launched MonieWorld in 2024, a zero-fee remittance service enabling African migrants in the UK to send money home quickly.
According to Billionaires Africa, the firm also completed its acquisition of Bancom Europe in July, gaining authorization from the UK’s Financial Conduct Authority (FCA) to operate across the European Economic Area.
Eniolorunda said Moniepoint’s mission remains rooted in empowerment: “This raise marks another step toward building a truly global company with African roots.”
