Moniepoint, Africa’s fastest-growing fintech, announced it successfully raised $110 million in equity financing to power the dreams of millions of businesses and their customers across Africa and the diaspora.
Launched in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly TeamApt) has an enviable track record of serving African customers. Initially focused on providing infrastructure and payment solutions for banks and financial institutions, Moniepoint grew into Nigeria’s leading business banking provider, trusted by millions of businesses. Moniepoint processes 800+ million transactions each month, with a monthly total value exceeding $17 billion all while operating profitably.
The Series C funding 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. Lightrock (an existing investor) also participated in the round.
This new funding follows a successful period for Moniepoint, which built on its profitable business model with major operational and financial milestones. In August 2023, Moniepoint entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank. Over the past year, Moniepoint experienced 2,000% growth in personal finance customers and was ranked as Africa’s fastest-growing fintech for the second consecutive year by the Financial Times.
The funding raised will accelerate Moniepoint’s growth across Africa. It will build 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.
The investment conviction from DPI (Google’s Africa Investment Fund), Verod, and Lightrock is evidence of the impact Moniepoint is having through digital and financial inclusion and its ability to foster economic activity and development. It also speaks to the unique combination of growth and profitability the business has demonstrated, growing revenue at over 150% CAGR in recent years with industry-leading gross profit and EBITDA margins.
Moniepoint’s financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth—a vital necessity given that approximately 83% of employment across Africa is in the informal economy. The Central Bank of Nigeria recognized Moniepoint’s positive impact on financial inclusion in 2022 when it received the National Inclusive Payment Initiative Award.
In this latest funding round – DPI, Google’s Africa Investment Fund and Verod join existing blue-chip investors in Moniepoint such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
Financial Technology Partners worked as an exclusive financial and strategic advisor to Moniepoint.
KEY QUOTES:
“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.”
- Tosin Eniolorunda, Founder and Group CEO of Moniepoint
“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.
“DPI has a long track record of supporting businesses like Moniepoint to achieve their next stage of scale. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success. We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services.”
- Adefolarin Ogunsanya, Partner at Development Partners International
“Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact. By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”
- Danladi Verheijen, Managing Partner at Verod Capital
“Tosin and the dedicated team at Moniepoint have achieved something remarkable. They have built one of the most promising fintechs in Africa by creating economic opportunities for others, most notably SME businesses – critical drivers of economic and social progress.”
“Their innovative offering which combines digital payments, banking, and business management tools, is transforming the financial landscape for millions of businesses across the continent. All of us at Lightrock are proud to be supporting Moniepoint through this next chapter as they scale their presence and positive impact.”
- Ravi Sharma, Partner at Lightrock
“We are delighted to welcome DPI and Google to the Moniepoint journey. We have been very impressed with the execution of the team and strong customer focus over the past few years. The results speak for themselves – Moniepoint has outperformed expectations and it continues to deliver superior products to merchants across Nigeria. We couldn’t be more excited for the company’s next phase of growth.”
- Gbenga Ajayi, Partner and Head of Middle East and Africa at QED Investors
