Nigerian fintech giant Moniepoint has raised an additional $90 million to close its Series C funding round, pushing the total to $200 million and cementing its position as one of Africa’s few homegrown unicorns.
The fresh capital led by Development Partners International (DPI) with participation from the International Finance Corporation (IFC), LeapFrog Investments, Google’s Africa Investment Fund, and Visa underscores growing global confidence in Africa’s fintech infrastructure and Moniepoint’s ability to scale beyond Nigeria.
Moniepoint co-founder and CEO Tosin Eniolorunda described the raise as a catalyst for the company’s next growth phase.
“We will not rest on our laurels,” Eniolorunda said. “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.”
While Moniepoint did not disclose its current valuation, the company confirmed it remains well above the $1 billion mark it achieved after its first Series C tranche in 2024.
The participation of Visa and Google signals an intensified global push into Africa’s digital payments ecosystem. Both companies have ramped up investments across the continent. Visa, through partnerships with Paystack, Interswitch, and Flutterwave, and Google, through its $50 million Africa Investment Fund, is targeting startups driving inclusion and infrastructure growth.
Founded by Tosin Eniolorunda and Felix Ike, Moniepoint began as a software solutions provider for Nigerian banks before pivoting into agency banking, a move that transformed it into one of the country’s most pervasive financial access points. Today, Moniepoint claims more than 10 million personal and business customers and processes over $250 billion in transactions annually, with operations now spanning multiple African markets.
The fintech has since evolved into a full-service digital bank under its microfinance licence, offering current accounts, business tools, and credit access to SMEs. Its recent expansion into the United Kingdom, aimed at serving Africans in the diaspora, marks its first major international push.
However, scaling abroad has come with early losses. Earlier this month, it reported a $1.2 million loss, which the company attributed to upfront investments in its UK setup.
Despite the short-term dip, industry observers say the new funding positions Moniepoint to consolidate its dominance in Africa’s fintech market while testing new growth frontiers globally.
With Visa and Google now on its cap table, Moniepoint’s latest milestone reinforces that global investors are still betting big on Africa’s digital economy and homegrown innovators like Moniepoint are leading that charge.
