Moniepoint, Africa’s all-in-one financial platform for businesses and consumers, has raised over US$200 million in equity financing through a recently closed Series C funding round.
The investment will support the company’s continued growth across Africa and its expansion into international markets.
The round was led by Development Partners International’s African Development (ADP) III fund, with the final close anchored by LeapFrog Investments.
Other participants include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt) provides digital payments, business and personal banking, credit, cross-border payments, and business management tools.
The company reports over 10 million active business and personal banking customers and processes more than US$250 billion in digital transactions annually.
Moniepoint is among the few fintech firms globally, and the first in Africa, to achieve profitability at unicorn scale while focusing on financial inclusion.
Recent developments include the launch of MonieWorld, a remittance service for the African diaspora in the UK, and an integrated payment and bookkeeping solution for MSMEs.
Commenting on the funding, Tosin Eniolorunda, Founder and Group CEO of Moniepoint, said:
“We founded the company out of a genuine passion to widen financial inclusion and help African entrepreneurs realise their potential. The proceeds from this Series C will be deployed judiciously as we enter the next chapter of Moniepoint’s growth, with financial happiness for Africans everywhere remaining our ultimate goal.”
The Series C round’s first close announcement took place in October 2024.
Featured image credit: Edited by Fintech News Middle East, based on image by freepik
