Moniepoint Inc. has secured an additional US$90 million in fresh funding, bringing the total raised under its ongoing Series C round to US$200 million, solidifying its status as one of Africa’s most influential fintech powerhouses. This new capital injection was led by Development Partners International’s African Development (ADP) III fund with participation from global investors including LeapFrog Investments, Lightrock, Google’s Africa Investment Fund, Visa, IFC, Proparco, Swedfund, and Verod Capital Management. This strong investor backing reflects Moniepoint’s proven track record of profitability and impact-driven growth across the continent.
Founded in 2015, Moniepoint has transformed into a leading all-in-one financial platform serving over 10 million users and processing more than US$250 billion in annual transactions. Its innovative business model is centered on empowering micro, small, and medium-sized enterprises (MSMEs) with digital banking solutions, credit access, and enterprise tools, positioning it as Nigeria’s largest business banking provider and a critical driver of financial inclusion. The company continues to deliver on its mission of bringing financial happiness to individuals and businesses across Africa.
A portion of the new funding will be allocated to fueling Moniepoint’s ambitious expansion strategy, particularly in East Africa. The recent approval by the Competition Authority of Kenya (CAK) for Moniepoint’s 78% acquisition of Sumac Microfinance Bank marks a major entry into Kenya’s US$67.3 billion mobile payments ecosystem, offering immediate access to a regulated deposit-taking institution and thousands of active loan customers. This follows Moniepoint’s previous attempts to deepen its presence in the region, signaling its commitment to unlocking new growth markets.
Moniepoint’s expansion is further supported by the launch of MonieWorld, its remittance platform in the United Kingdom, and integrated payment and bookkeeping solutions for SMEs. These innovations are designed to streamline financial operations for small businesses while enabling the African diaspora to connect financially with their home markets. The company’s customer-first focus, grounded in local market understanding and scalable technology, continues to position it ahead of competitors.
With three consecutive appearances on the Financial Times’ list of Africa’s fastest-growing companies and recognition by CNBC among top global fintechs, Moniepoint is now part of an elite group of African unicorns making sustainable profitability a reality. This latest funding milestone signals not only investor confidence but a new era of fintech advancement led by homegrown African innovation driving economic transformation across the continent.
