Moniepoint Raises $90M From IFC, Visa, Google to Close Series C Round
TLDR
- Nigerian fintech Moniepoint has raised an additional $90 million to close its Series C round at $200 million, one year after achieving unicorn status
- The round was led by Development Partners International (DPI) with participation from the International Finance Corporation (IFC), LeapFrog Investments, Google’s Africa Investment Fund, Visa, and others
- The new funding underscores growing investor confidence in Moniepoint’s business model and Africa’s expanding digital finance sector
Nigerian fintech Moniepoint has raised an additional $90 million to close its Series C round at $200 million, one year after achieving unicorn status. The round was led by Development Partners International (DPI) with participation from the International Finance Corporation (IFC), LeapFrog Investments, Google’s Africa Investment Fund, Visa, and others.
The new funding underscores growing investor confidence in Moniepoint’s business model and Africa’s expanding digital finance sector. CEO Tosin Eniolorunda said the funds will “generate even more momentum” as Moniepoint deepens its mission of promoting “financial happiness for Africans.”
Founded as a software provider for banks, Moniepoint has become one of Africa’s largest fintechs with over 10 million customers and annual transaction volumes exceeding $250 billion. The company, already profitable, now operates in the UK and is awaiting approval to acquire Kenya’s Sumac Microfinance Bank.
Visa’s involvement extends its growing ties with African fintechs, following previous investments in Interswitch, Flutterwave, and Paystack.
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Points clés à retenir
Moniepoint’s latest funding round solidifies its position among Africa’s leading fintechs and reflects sustained investor appetite for digital banking across emerging markets. The company’s expansion into Kenya and the UK marks a new phase in its international strategy, positioning it to serve both African consumers and the diaspora. Since its initial $110 million Series C raise in 2024, Moniepoint has launched new offerings — including remittances, inventory finance, and contactless cards — and invested $7.4 million in its London operations under the MonieWorld brand. While the firm reported a $1.2 million loss tied to UK expansion costs, management sees it as a short-term investment in global reach. The company’s evolution from agency banking to full-service digital banking mirrors Africa’s broader fintech trajectory: local players scaling into multinational platforms. With institutional backers like Visa, IFC, and Google on board, Moniepoint is well positioned to drive financial inclusion while competing globally in payments and digital banking innovation.
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