Fintech secures US$110m funding to scale digital payments, banking solutions

Moniepoint Inc., Africa’s fastest-growing financial institution, has successfully raised US$110 million in equity financing, to power the dreams of millions of businesses and their customers across Africa and the diaspora.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund, a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital, a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated in the funding round.

The capital raised will be used to accelerate the fintech’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure.

“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible. We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”

In this latest capital raise – DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in the fintech such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
Speaking to the rationale for their investment, Adefolarin Ogunsanya, Partner at Development Partners International, noted that “we are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest growing companies.

“A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.

Oginsanya noted that DPI had a long track record of supporting businesses like Moniepoint to achieve their next stage of scale, adding that Moniepoint’s combination of innovative technology, fast growth, and positive impact on the continent underpins the conviction in its future success.

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