African fintech leader Moniepoint has raised an additional $90 million in its ongoing Series C funding round, bringing the total to $200 million following the initial $110 million secured in 2024.
The latest investment was led by Development Partners International (DPI), with participation from the International Finance Corporation (IFC), Leapfrog Investments, Google’s Africa Investment Fund, and Visa. The round underscores strong investor confidence in Moniepoint’s growth strategy and the rising potential of Africa’s digital finance ecosystem.
“We will not rest on our laurels,” said Tosin Eniolorunda, Moniepoint’s co-founder and CEO. “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.”
Visa’s participation highlights the global payments giant’s expanding footprint in Africa’s fintech sector. The company has previously invested in Interswitch, Paystack, and Flutterwave, and recently launched a fintech accelerator programme to nurture emerging innovators across the continent.
Although Moniepoint did not disclose its new valuation, the company confirmed it remains well above the $1 billion mark, which it first surpassed in 2024.
Founded as a software provider for Nigerian banks, Moniepoint has evolved into one of Africa’s foremost financial technology companies. Its robust agency banking network has played a key role in driving financial inclusion for millions of underserved Nigerians. Today, Moniepoint serves over 10 million personal and business customers and processes more than $250 billion in annual transactions, while maintaining profitability.
Beyond Nigeria, Moniepoint has begun its international expansion, starting with the United Kingdom, where it aims to offer digital banking solutions to Africans in the diaspora. The company, however, recently reported a $1.2 million loss linked to upfront investments in its UK operations.
Despite the short-term setback, analysts say the new capital and strong backing from global investors position Moniepoint to consolidate its market leadership in Africa and accelerate its global growth ambitions.
