Moniepoint Raises USD 110 M in Series C

Moniepoint Inc., a Nigerian business banking provider, has raised USD 110 M in Series C funding to expand its integrated platform across Africa. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint initially provided infrastructure and payment solutions for banks but has since grown into a business banking service. The company claims to process over 800 million transactions monthly, with a total monthly value exceeding USD 17 B.

The investment round was led by Development Partners International’s African Development Partners (ADP) III fund, with participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock.

Moniepoint plans to use the funds to build an all-in-one platform for African businesses, encompassing digital payments, banking, foreign exchange (FX), credit, and business management tools, aiming to create a comprehensive solution for businesses of all sizes across the continent.