Nigerian fintech company Moniepoint Inc. has announced the successful closure of an additional $90 million investment, bringing its ongoing Series C funding round to a total of $200 million. The company, which has grown into one of Africa’s leading digital financial service providers, said the new funding would accelerate its expansion across Africa and beyond, while deepening its operations in Nigeria.
The latest round was backed by a consortium of top global investors, including Visa Inc., Development Partners International (DPI), LeapFrog Investments, and Google’s Africa Investment Fund, a move that underscores growing international confidence in Africa’s financial technology sector. The announcement was confirmed by Moniepoint’s Senior Vice President, Ross Strike, who stated that the deal reflects the world’s increasing appetite for Africa’s fintech growth story.
Founded in 2015 by Tosin Eniolorunda, Moniepoint has built a reputation for enabling millions of small and medium-sized businesses across Nigeria to accept digital payments and access financial services. Its impact has been particularly felt among small retailers and entrepreneurs in remote and underserved communities. Over the years, Moniepoint’s operations have evolved beyond agency banking into a fully integrated digital ecosystem offering payments, banking, and remittance services.
According to the company, the newly raised funds will be used to strengthen Moniepoint’s Nigerian operations, its largest and most established market, while funding strategic expansions into new territories such as Kenya and the United Kingdom. “The proceeds of the round will be used to power the company’s next phase of growth, enhancing its capacity to help African businesses and individuals realize their financial dreams and accelerating Moniepoint’s continued expansion across the continent and into international markets,” the company said in a statement.
Although Strike declined to disclose Moniepoint’s exact post-money valuation, the company is now estimated to be worth over $1 billion, sustaining its unicorn status achieved in 2024 when it raised $110 million in the first phase of its Series C round. With this latest infusion, Moniepoint has become one of Africa’s most capitalized fintech startups, processing over $250 billion in annual transactions and serving millions of customers nationwide.
The company’s rise is emblematic of Africa’s rapidly evolving fintech landscape. Over the last decade, the continent has witnessed an explosion of financial innovation, driven by a youthful population, growing smartphone penetration, and increased internet access. Startups like Flutterwave, Interswitch, and Opay have reached billion-dollar valuations, each playing a key role in deepening financial inclusion and digital commerce. Moniepoint’s success further strengthens Nigeria’s status as the fintech capital of Africa, accounting for more than one-third of all venture funding into the continent’s technology ecosystem.
Founder and Group Chief Executive Officer, Tosin Eniolorunda, described the new funding as a continuation of the company’s mission to democratize access to financial services. “Moniepoint was founded out of a genuine passion to widen financial inclusion and to help African entrepreneurs realise their potential,” he said. “That same passion drives the work we do today, and it is heartening to know it is shared by leading global institutions. 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 funding also marks another milestone in the increasing involvement of global institutional investors in African financial technology. Development Partners International, which led Moniepoint’s earlier round through its African Development Partners III fund, reiterated its commitment to supporting scalable African enterprises with social and economic impact. Similarly, Google’s Africa Investment Fund and LeapFrog Investments have continued to strengthen their positions in the continent’s digital economy, particularly in ventures that bridge access gaps and empower underserved populations.
Visa Inc., one of the world’s largest payment technology companies, is also deepening its African footprint through partnerships with local fintechs. Its participation in Moniepoint’s round signals a continued interest in supporting emerging payment infrastructures that align with its global push for digital inclusion. Analysts note that Visa’s presence in the consortium gives Moniepoint not only access to funding but also potential integration opportunities that could facilitate cross-border transactions and interoperability between African and international payment systems.
Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at the International Finance Corporation (IFC), welcomed the development, describing Moniepoint as a model for how financial technology can support small businesses. “We look forward to supporting Moniepoint’s effort to increase the adoption of digital payments among MSME retailers in Nigeria, a segment underserved by banks and other traditional financial institutions,” Fezoua said.
In recent years, Moniepoint has diversified its business model to include consumer banking, agent services, and business loans. Its proprietary platform allows merchants to process transactions, pay bills, and manage payroll, while individuals can access savings and credit tools. The company’s focus on small and medium-scale businesses has been particularly instrumental in promoting financial inclusion, reducing cash dependency, and formalizing informal trade.
The $200 million Series C round now places Moniepoint among a select group of African fintechs to have attracted sustained foreign capital despite global economic headwinds. While funding to African startups declined globally in 2023 due to tightening investor sentiment, Moniepoint’s ability to raise large rounds consecutively underscores both investor confidence and the company’s strong fundamentals. Analysts also believe its continued profitability and proven business model have positioned it as one of the few sustainable fintech stories from Africa.
Industry observers say the company’s next challenge will be scaling its model beyond Nigeria’s borders. Expanding into new markets such as Kenya, East Africa’s fintech hub, and the United Kingdom requires regulatory navigation, strategic partnerships, and product adaptation to meet different financial ecosystems. However, Moniepoint’s management appears confident in its ability to replicate success abroad, leveraging technology, data insights, and a growing brand reputation.
For Nigeria, Moniepoint’s success highlights the country’s resilience as a breeding ground for innovation despite macroeconomic pressures. With rising inflation, currency depreciation, and infrastructural challenges, the ability of fintech startups to attract major foreign capital continues to be seen as a bright spot in the nation’s economic outlook. Industry experts also argue that fintechs like Moniepoint are helping to build alternative financial infrastructures that reduce dependency on traditional banking systems.
Moniepoint’s journey from a small startup in Lagos to a continental fintech leader mirrors the broader transformation of Africa’s financial landscape. In less than a decade, the company has grown from a niche payment solution into a robust ecosystem powering businesses across Nigeria’s major cities and rural communities alike. As it moves into new markets and strengthens its technological capacity, its performance in the coming years will likely serve as a litmus test for the global scalability of African fintech innovation.
For now, the company’s leadership remains focused on its mission, driving digital inclusion, supporting small businesses, and ensuring that financial happiness becomes an attainable reality for millions across Africa. Whether its ambitious expansion plan will translate into long-term dominance remains to be seen, but what is clear is that Moniepoint has firmly cemented its place among Africa’s most influential financial technology powerhouses.
Samuel Aina