Nigerian fintech giant Moniepoint Inc. announced on Tuesday that it has raised more than $200 million in a Series C funding round led by Development Partners International (DPI), as part of its plans to expand digital financial services across Africa and beyond.
The round, which also included LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the International Finance Corporation (IFC), ranks among the largest equity fundraisings by an African fintech this year.
Moniepoint, formerly known as TeamApt, said the fresh capital will be used to scale into new markets and improve its offerings for small and medium-sized enterprises, which are the backbone of Africa’s informal economy, according to Reuters.
“This is a proud day for Moniepoint,” said Tosin Eniolorunda, co-founder and CEO of the company. “We founded the company to widen financial inclusion and help African entrepreneurs realise their potential. This funding will help us accelerate that mission.”
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Founded in 2015, Moniepoint has grown into Nigeria’s largest business banking platform, serving over 10 million active users and processing more than $250 billion in annual transaction value.
The company has achieved profitability at scale, a rare milestone among global fintechs.
The funding follows a series of recent product launches, including MonieWorld, a remittance platform designed for the African diaspora in the United Kingdom, and a bookkeeping tool tailored for micro and small businesses.
DPI, which led the first close of the round in 2024, said Moniepoint’s balance of growth and social impact makes it a standout investment.
“Moniepoint continues to deliver innovation alongside sustained profitability,” said Adefolarin Ogunsanya, Partner at DPI. “We’re proud to support its next phase of growth.”
Karima Ola of LeapFrog Investments added that the investment aligns with the firm’s mission to build inclusive financial infrastructure across the continent.
Other participants in the round include Lightrock, Alder Tree Investments, Proparco, Swedfund, and Verod Capital Management.
Financial Technology Partners served as Moniepoint’s exclusive adviser for the transaction.
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