Africa’s “fastest-growing fintech” Moniepoint secures $110m Series C funding
African business banking and payments fintech Moniepoint (formerly known as TeamApt) has bagged $110 million in a Series C funding round led by Development Partners International’s African Development Partners (ADP) III fund.
Moniepoint lands $110 million Series C
The round also included contributions from existing investor Lightrock alongside new participants such as Google’s Africa Investment Fund and Verod Capital, a prominent private equity firm in Africa.
Founded in 2015 by Tosin Eniolorunda and Felix Ike and with offices in Nigeria, Kenya, the UK and the US, Moniepoint provides payments, banking, credit, and business management tools for businesses and entrepreneurs.
It claims to be “Nigeria’s leading business banking provider” and says that it currently processes $17 billion in transactions monthly through its subsidiaries.
The latest cash injection comes after a number of significant operational and financial milestones for the company. In August 2023, Moniepoint expanded into the personal banking sector with the introduction of its subsidiary, Moniepoint Microfinance Bank. That same month, the company received approval to acquire 100% of Kenyan fintech Kopo Kopo.
Moniepoint states that the investment will be put towards creating a single integrated platform for “African businesses of all sizes,” as well as facilitating further expansion throughout the continent.
Founder and CEO Tosin Eniolorunda adds that the new funding “will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential”.
