The prominent Nigerian-founded financial technology firm, Moniepoint, which holds the designation of being an African unicorn company, has successfully completed the second and final segment of its Series C funding round. This latest tranche secured an additional USD 90 million in equity financing. The announcement, made on October 21, brings the total capital raised for the comprehensive Series C round to USD 200 million. This follows the initial USD 110 million raised during the previous year, which was the funding event that originally secured the company’s valuation at over USD 1 billion, establishing its unicorn status.
The entirety of the significant capital raise was led by Development Partners International (DPI), executing the investment through its dedicated African Development III fund. The round saw enthusiastic and strategic participation from a broad coalition of major international financial institutions and respected venture capital firms. These key investors included LeapFrog Investments, the Google Africa Investment Fund, Visa, the International Finance Corporation (IFC), Lightrock, Proparco, Swedfund, Alder Tree Investments, and Verod Capital Management. The explicit involvement of global financial heavyweights and corporations such as Visa and Google provides crucial external validation, underscoring the increasing confidence in the scalable and demonstrated profitable business model that African fintech companies like Moniepoint have developed. Legal advisory services for the lead investors in this complex transaction were furnished by the international law firm Norton Rose Fulbright (NRF).
Moniepoint, which was originally established in 2015 under the name TeamApt, now operates a high-profile financial services platform that boasts a substantial footprint and significant market scale across the continent. The platform currently provides services to more than 10 million active commercial and personal banking users. Furthermore, the company processes and handles an impressive volume of digital transactions annually, exceeding USD 250 billion. This robust activity highlights its central role in the digital economy.
The core organizational mission, as defined by Group CEO Tosin Eniolorunda, is to “systematically widen financial inclusion and to fundamentally assist African entrepreneurs in realizing their full commercial potential.” The substantial new funding is designated for strategic deployment across three critical areas. Firstly, the funds will be used to finance faster and more aggressive market expansion, both within its existing African markets and into new regions outside the continent. Secondly, the capital will be used to improve the platform’s overall capacity, enabling it to better help African users achieve their diverse financial objectives. Thirdly, the investment is aimed at empowering Micro, Small, and Medium-sized Enterprises (MSMEs), which LeapFrog Investments Partner Karima Ola aptly described as the “heartbeat of African economies.” This empowerment will be achieved through the widespread provision of accessible digital banking tools and formalized credit facilities. The company believes this support is vital for transforming the continental economic landscape.
