Breaking News: Nigerian fintech giant Moniepoint has raised a substantial $110 million in funding through equity financing from major global investors, led by the African Development Partners (ADP) III fund—a branch of Development Partners International. Verod Capital, Lightrock, and Global Impact Firm also participated in the investment round. This impressive raise is aimed at broadening Moniepoint’s reach across Africa, further solidifying its commitment to providing seamless financial services.
The fresh funds will enable Moniepoint to enhance its offerings, focusing on integrating advanced digital payment options, providing foreign exchange services, and offering business development tools to support African businesses. With a current valuation of $1 billion, Moniepoint joins the top ranks of African fintech leaders, including Flutterwave, Opay, MNT Halan, Interswitch, Weetracker, and Andela.
The successful funding round comes amid a global slowdown in startup investments, as data shows a 40% decline in funding for African startups over the last year. Moniepoint’s achievement is a testament to its growth potential and market relevance, even during challenging times.
Moniepoint’s Founder and Group CEO, Tosin Eniolorunda, expressed gratitude to his team and emphasized the role of the funding in advancing financial inclusion and entrepreneurial support across Africa. “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential,” he noted.
Adefolarin Ogunsanya, a partner at Development Partners International, highlighted Moniepoint’s strategic positioning: “Moniepoint is a profitable business led by an excellent leadership team with a clear strategic vision, well-positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.”
The fintech company’s rapid growth has been remarkable, with monthly transactions exceeding 800 million and an annual growth rate of 2,000%. As Moniepoint continues its expansion, it is poised to strengthen its role as a leader in Africa’s fintech landscape.
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