Nigerian fintech powerhouse Moniepoint Inc. announced that it secured an additional $90 million to complete its Series C funding round, bringing the total to approximately $200 million. The extension follows the initial $110 million raised in 2024 when the company achieved “unicorn” status valued at over $1 billion.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved rapidly moving beyond its origins as a payment infrastructure provider to become a full-stack fintech servicing businesses and consumers across Africa. The fresh capital arrives as investor confidence in African fintech continues to grow, with Moniepoint attracting attention from global firms eager to back the continent’s digital finance surge.
Who Backed The Round And What It Signals
The funding extension drew major global institutions. Leading the raise, Development’s Partners International (DPI) anchored the round, while other participants included International Finance Corporation (IFC), LeapFrog Investments, Google Africa Investment Fund and Visa Inc.
Visa’s investment is particularly noteworthy given its recent track record of backing African Fintechs. The participation suggests that traditional financial services giants view Moniepoint as a key partner in the continent’s growing digital payments ecosystem.
What Moniepoint Plans With The New Capital
Moniepoint intends to deploy the new funds for expansion across Africa and to strengthen international ventures, including its operations in the United Kingdom and other parts of the continent. The Company emphasized its mission to deliver “financial happiness for African everywhere”. In Nigeria alone, Moniepoint already claims to serve more than 10 million personal and business banking customers and processes over $250 billion in annual transaction volume.
Beyond geographic growth, Moniepoint also plans to enhance its product offerings targeting digital banking, cross-border payments, credit for small and medium-sized enterprises (SMEs), and a deeper move into remittances via its UK-based platform, Monieworld.
Challenges Ahead And Why Timing Matters
While the infusion looks positive, Moniepoint still faces execution risks. Expanding across multiple jurisdictions introduces regulatory complexity, currency exposure and increased competition from global fintechs. Furthermore, Moniepoint reported a modest loss of $1.2 million in its first year of UK operations, a reminder that scaling internationally comes with short-term cost burdens.
The timing of the raise matters because investment into African fintech has slowed globally. That Moniepoint managed to close an extended Series C during this backdrop demonstrates both its resilience and the strength of its narrative.
A New Chapter For Moniepoint And The African Fintech
This $200 million Series C positions Moniepoint among the largest fintech raises on the African continent. It signals to other startups that global capital still flows into Africa’s fintech space when companies show scale, product diversity and operational rigour. For Moniepoint itself, the raised capital is both a growth engine and a statement of intent that the company plans to lead not just in Nigeria, but across markets and services.
