African Fintech Powerhouse Moniepoint Seals Over $200 Million Series C

Lagos-based fintech firm Moniepoint Inc. has secured more than USD 200 million in its Series C equity funding round, a move that underscores its rapid growth, profitability at scale and continental ambition. The funding was led by Development Partners International’s African Development III fund and included heavyweight participation from LeapFrog Investments, Visa Inc., Google LLC’s Africa Investment Fund, the International Finance Corporation, Proparco, Swedfund and others.

Moniepoint said the capital will fuel its mission to deliver banking and payments services to millions of businesses and individuals across Africa and into global diaspora markets. The company processes more than USD 250 billion in transaction value annually and serves over 10 million active business and retail customers.

Founded in 2015, Moniepoint began as a provider of banking infrastructure and turned into Nigeria’s foremost business-banking and payments platform. The firm obtained a microfinance-bank licence, expanded into personal banking, cross-border remittances and business-management tools targeted at small and medium enterprises.

Investors say Moniepoint stands out for achieving profitability at “unicorn” scale—surpassing a valuation of USD 1 billion earlier after an earlier tranche of Series C funding in which Google and others participated.

The additional funds follow a first close of around USD 110 million in 2024, with this latest tranche topping up another USD 90 million to take the total above USD 200 million. That extension was led by LeapFrog Investments.

In its statement, Moniepoint’s co-founder and Group CEO, Tosin Eniolorunda, said: “This is a proud day for Moniepoint… 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.”

The participation of Visa, Google’s Africa Fund and IFC signals increased confidence by global financial and technology institutions in Africa’s digital payments and banking sector. Visa’s involvement is particularly noteworthy given its ongoing strategy to deepen engagement with African fintechs, following its backing of other regional players.

Moniepoint intends to deploy the funds to accelerate geographic expansion into East Africa and international markets such as the UK, where it has launched a remittance-focused product called MonieWorld targeting the African diaspora. It also plans to enhance its suite of services for micro-, small- and medium-sized enterprises, including credit, bookkeeping and other business-operations tools.

The move comes amid a broader context of cautious investor sentiment in Africa’s startup capital markets, where funding overall has slowed. In that environment, Moniepoint is distinguished by its growth trajectory, scale and profitability, positioning it as a bellwether for fintech investment on the continent.

Regulatory and competitive challenges lie ahead. While Moniepoint has carved out a strong position in Nigeria’s agency and digital banking ecosystem, expansion into multiple African jurisdictions and global markets will require navigating disparate regulatory regimes, currency risks and intensifying competition from both local firms and global fintech entrants. Analysts note that sustaining profitability while scaling will be key to justify the high investor expectations that accompany such large capital raises.