Moniepoint Raises $90 Million to Close Series C as Visa and Google Deepen in Africa
2 min read
Moniepoint has announced an additional $90 million in funding to complete its Series C round, bringing the total to $200 million after its initial $110 million raise in 2024. The new investment round cements the company’s position as one of Africa’s leading fintech unicorns and underscores growing investor confidence in the continent’s digital finance sector.
The round was led by Development Partners International (DPI) with participation from the International Finance Corporation (IFC), Leapfrog Investments, Google’s Africa Investment Fund, and Visa. Moniepoint says the fresh capital will fuel expansion across Africa and strengthen its international footprint.
“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,” said Moniepoint co-founder and CEO Tosin Eniolorunda.
Visa’s participation marks a continuation of its growing engagement with African fintechs. The global payments giant has previously backed companies like Interswitch, Paystack, and Flutterwave and recently launched a fintech accelerator programme to support emerging financial innovators across the continent. Google’s participation through its Africa Investment Fund also signals Big Tech’s expanding interest in the region’s fintech and digital payments ecosystem.
While Moniepoint has not disclosed its latest valuation, the company confirmed that the Series C round pushes it well past the $1 billion mark a milestone it first reached in 2024.
Founded as a software solutions provider for Nigerian banks, Moniepoint has grown into a fintech powerhouse through its vast agency banking network, which provides essential financial services to millions of unbanked and underbanked Nigerians. Today, the company says it serves over 10 million personal and business customers and processes transactions exceeding $250 billion annually.
In recent years, Moniepoint has expanded beyond agency banking, leveraging its microfinance bank licence to deliver a full suite of digital banking products for individuals and small businesses. It has also taken its first steps into global markets, beginning with the United Kingdom, where it aims to serve Africans in the diaspora with tailored banking services.
However, its international expansion has not been without hurdles. Earlier this month, Moniepoint reported a $1.2 million loss attributed to early operational costs from its UK rollout. Still, analysts see this as a short-term challenge for a company that has consistently demonstrated profitability in its core African markets.
The latest funding strengthens Moniepoint’s position as one of Africa’s most valuable fintech firms and highlights the growing global interest in Africa’s digital finance opportunity one where players like Visa, Google, and IFC are increasingly active.
About The Author
