Bank

Felix

Partner

<a href="https://www.googleadservices.com/pagead/aclk?sa=L&amp;ai=DChcSEwiz783jnbOJAxWXj1AGHT6LCE0YABAAGgJkZw&amp;co=1&amp;ase=2&amp;gclid=Cj0KCQjwj4K5BhDYARIsAD1Ly2po7DZb7XaJZr-FTmHrfCQEncCo80ATowO6WHBHLsxt7jx2sbBvIZoaAh5MEALw_wcB&amp;ohost=www.google.com&amp;cid=CAESVuD2pUHPaPS_DjCXtA886HrL4zhN1UOhIX5Ku3qcRPN4LFiXqnzlqbPTGI16S-DpVn52JOlWoUyYTTd6BzHbT8xDtmluxLSHCxcOHune-zYVfI0JAtMb&amp;sig=AOD64_1TMty6oCxy9SFFlS7VIBgfbBg2uQ&amp;q&amp;nis=4&amp;adurl&amp;ved=2ahUKEwiwn8jjnbOJAxWjV0EAHbT0ISUQ0Qx6BAgIEAE" target="_blank" rel="noopener">Moniepoint</a>, Africa’s fastest-growing financial institution, has successfully raised $110 million in a series C equity financing round. This was disclosed in a statement by the company and seen by Technext. The investment also means Moniepoint’s valuation ought to have soared beyond its previous $400 million valuation attained when it raised $50 million, perhaps even to unicorn status. 
The funding round was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa. The round was further supported by preexisting investors like QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund. 
The round also welcomed new investors including Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. 
Speaking about the funding, the Founder and Group CEO of Moniepoint Tosin Eniolorunda, said the company’s mission remains to help its customers solve their challenges by making the platform more innovative, transparent, and secure and the investment will help achieve this mission. 
“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,” he said. 
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 <img loading="lazy" decoding="async" width="1370" height="1371" src="https://technext24.com/wp-content/uploads/2023/09/Tosin-Eniolorunda-Headshot.png" alt="Moniepoint rolls out ambitious plans to dominate personal banking" class="wp-image-211487">
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 Tosin Eniolorunda
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<h4 id="moniepoint-to-expand-across-africa-and-provide-fx-services" class="wp-block-heading">Moniepoint to expand across Africa and provide FX services</h4> 
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) was initially focused on providing infrastructure and payment solutions for banks and financial institutions. However, the platform has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses. 
The company —all while operating profitably.&nbsp;The company also said its financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth. 
This, it says, is a vital necessity given that about 83 per cent of employment across Africa is in the informal economy. The company says its positive impact towards financial inclusion was recognised by the Central Bank of Nigeria in 2022 when it received the National Inclusive Payment Initiative Award. 
Thus, the latest capital injection will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform, the company said, will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools. This, it says, will make Moniepoint a one-stop shop for business solutions. 
Speaking about why his company decided to invest in Moniepoint, Partner at Development Partners International, Adefolarin Ogunsanya, noted that they are delighted to lead the investment round because Moniepoint is 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,” he said. 
He said the company looks forward to working closely with Tosin and his talented team to expand its customer base by providing businesses and individuals with first-class banking and payment services. 
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 <img loading="lazy" decoding="async" width="1280" height="838" src="https://technext24.com/wp-content/uploads/2023/08/image-118.png" alt="Moniepoint raises $110m series C funding to power Africa expansion and FX business" class="wp-image-209457">
</figure> 
The Moniepoint team believes the investment from DPI, Google’s Africa Investment Fund, Verod and Lightrock is a testament to the impact the company is having through digital and financial inclusion and its game-changing ability to foster economic activity and development. 
Touting itself as “Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools”, the company said through its subsidiaries is Nigeria’s largest merchant acquirer, currently processing the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries with $17 billion in monthly TPV. 
In August 2023, the fintech startup entered the personal banking market and says it has experienced a 2,000 per cent growth in personal finance customers over the past year while growing its revenue at over 150 per cent CAGR in recent years with industry-leading gross profit and EBITDA margins. 
See also: <a href="https://technext24.com/2024/09/23/moniepoint-multifactor-authentication/#google_vignette">Moniepoint introduces multifactor authentication for transactions above N500,000</a>
The post <a href="https://technext24.com/2024/10/29/moniepoint-raises-110m-series-c-funding/">Moniepoint raises $110m series C funding to power Africa expansion and FX business</a> first appeared on <a href="https://technext24.com">Technext</a>.

Moniepoint raises $110m series C funding to power Africa expansion and FX business

Technext.ng

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