Moniepoint has closed another funding milestone, adding $90 million to complete its $200 million Series C round. The new capital arrives a year after the Nigerian fintech achieved unicorn status, cementing its position as one of Africa’s biggest payment firms.
The fresh injection was led by Development Partners International’s ADP III fund, alongside LeapFrog Investments, which anchored the final close. Other major backers include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
According to CEO Tosin Eniolorunda, the new funds will fuel the company’s next phase of growth across Africa and beyond. “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,” he said.
Next Stop: Global Expansion
Since securing its initial $110 million in Series C funding, Moniepoint has broadened its services. It now offers remittance, inventory management, and contactless payment cards. Earlier this year, the firm gained approval from the Competition Authority of Kenya (CAK) to acquire a majority stake in Sumac Microfinance Bank. Once finalised, the deal will give Moniepoint access to Kenya’s $67.3 billion mobile payments market.
The company has also begun expanding into Europe. Through its UK-based arm, Moniepoint Group set aside $7.39 million for a London expansion. Nearly half of that has already been used, according to UK regulatory filings. In April, Moniepoint launched MonieWorld, a remittance platform that allows UK residents to send money directly to any Nigerian bank account using British bank cards, Apple Pay, or Google Pay.
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[…] Fintech behemoth Moniepoint raised yet another $90 million, completing its $200 million Series C funding and solidifying its position as one of Africa’s largest payment firms. The round saw participation from investors including Visa, IFC, LeapFrog, and Google’s Africa Investment Fund. […]
[…] Moniepoint Inc. had launched “M”, Nigeria’s pioneering AI-powered chatbot, designed to ease insight into the country’s informal economy, in a bold step in its decade-long drive for financial inclusion. […]