Moniepoint Inc., Nigeria’s prominent business banking platform, has officially reached unicorn status following a successful $110 million Series C funding round. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint began as TeamApt, a startup providing critical infrastructure and payment solutions to financial institutions across Nigeria. Over the years, it has evolved into the country’s foremost business banking provider, now trusted by millions of businesses across Africa.
The Series C investment was led by Development Partners International’s (DPI) African Development Partners (ADP) III fund, a major player focused on African growth, with participation from new investors Google’s Africa Investment Fund and Verod Capital, as well as existing investor Lightrock, a global impact firm. This fresh capital aims to accelerate Moniepoint’s growth across the continent, allowing it to build a fully integrated business platform that addresses a wide spectrum of financial needs, from digital payments to foreign exchange (FX), credit, and comprehensive business management tools.
Moniepoint’s track record in Nigeria is impressive: each month, the company processes over 800 million transactions, with monthly transaction values exceeding $17 billion. This robust infrastructure and profitability have placed Moniepoint as a crucial player in Nigeria’s and Africa’s financial landscape, especially as the company sets its sights on scaling operations to serve an expanding base of African businesses of all sizes.
“We are dedicated to building a platform that is more innovative, transparent, and secure to address our customers’ challenges,” said Tosin Eniolorunda, Moniepoint’s Founder and Group CEO. “The funds from this round will allow us to deepen our commitment to financial inclusion and empower Africa’s entrepreneurs. I extend my heartfelt thanks to the entire Moniepoint team and to our investors who have believed in our vision. We’re only at the beginning—day one—from here.”
Moniepoint’s mission is not only to solve the pain points faced by African businesses but also to foster financial inclusivity and happiness among its users. Its broad investor base now includes blue-chip supporters such as QED Investors, Novastar Ventures, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund. The inclusion of DPI, Google’s Africa Investment Fund, and Verod in this latest round further bolsters Moniepoint’s resources and expertise as it continues expanding into new African markets and building out its versatile, one-stop business solution.
With this funding, Moniepoint joins the ranks of Africa’s unicorns, embodying the rapid growth potential within Africa’s fintech sector. The company’s success also highlights the increasing confidence from global investors in Africa’s business ecosystem and the power of digital financial solutions to drive economic growth and inclusivity on the continent. As Moniepoint continues its expansion, the platform promises to play a pivotal role in supporting African businesses by providing essential financial tools tailored to the continent’s unique needs.
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