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Moniepoint has announced raising an additional US$90 million as part of its Series C funding round, bringing the total raised to $200 million following its initial $110 million tranche 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.
TechPoint Africa reports that the round underscores growing investor confidence in Moniepoint’s long-term strategy and the broader potential of Africa’s digital financial ecosystem.
“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,” co-founder and Chief Executive Officer, Tosin Eniolorunda said.
Visa’s participation is particularly notable as the global payments company continues to deepen its involvement with Africa’s leading fintechs.
Beyond Moniepoint, Visa has backed other major players such as Interswitch, Paystack, and Flutterwave, while also launching a fintech accelerator to nurture the next generation of financial services innovators across the continent.
Although Moniepoint did not disclose its latest valuation, the company confirmed that the round places it well above the US$1 billion mark, a milestone first crossed in 2024 with the earlier Series C tranche.
From its beginnings as a software provider for Nigerian commercial banks, Moniepoint has grown into one of Africa’s most successful fintech companies.
It became a household name through its agency banking network, which brought financial services to millions of underserved Nigerians.
Today, the company serves more than 10 million personal and business banking customers and claims to process transactions worth over $250 billion annually.
Moniepoint has also achieved profitability.
In recent years, the company has expanded beyond agency banking, leveraging its microfinance bank licence to offer personal and business banking products.
It has also ventured into international markets, starting with the United Kingdom, where it aims to provide digital banking services tailored to Africans in the diaspora.
However, the expansion has not been without challenges. TechPoint Africa reported this month that Moniepoint posted a $1.2 million loss, which the company attributed to early investments in establishing its UK operations.
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