Moniepoint, a leading African fintech company, has successfully raised an additional $90 million in its ongoing Series C funding round, bringing the total capital raised to $200 million after an initial $110 million investment in 2024. The latest round was led by Development Partners International (DPI), with participation from major investors including the International Finance Corporation (IFC), Leapfrog Investments, Google’s Africa Investment Fund, and Visa. This significant investment demonstrates strong investor confidence in Moniepoint’s long-term strategy and highlights the growing potential of Africa’s rapidly expanding digital financial ecosystem. CEO and co-founder Tosin Eniolorunda emphasized that the funds will be strategically deployed to drive further growth and advance the company’s mission of promoting financial inclusion across the continent.
Visa’s involvement in the funding round underscores its continued commitment to Africa’s fintech sector, complementing its investments in other prominent players such as Interswitch, Paystack, and Flutterwave. The global payments giant has also launched a fintech accelerator program to support the next generation of financial innovators across Africa, reflecting a broader trend of international backing for the region’s digital finance ecosystem.
Although Moniepoint did not disclose its updated valuation, the company confirmed that it now comfortably exceeds the $1 billion mark, a milestone first reached in 2024 during the initial Series C tranche. The company has evolved from a software provider for Nigerian banks into one of Africa’s most successful fintech firms, gaining recognition for its agency banking network, which has extended essential financial services to millions of underserved Nigerians.
Today, Moniepoint serves over 10 million personal and business customers across Africa, processes transactions exceeding $250 billion annually, and has achieved profitability. The company’s continued growth and strong financial performance reflect the rising trend of substantial global investment in African fintech, solidifying the continent’s position as a hub for digital financial services innovation.
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