Introduction
Nigerian fintech company Moniepoint, renowned for processing an impressive 5.2 billion transactions in 2023, has announced the successful completion of a $110 million Series C funding round. The new round saw participation from prominent investors including DPI, Google’s Africa Investment Fund, and Verod, adding to Moniepoint’s existing lineup of blue-chip backers such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
Creating a Holistic Financial Platform for African Businesses
With this new influx of capital, Moniepoint is focused on scaling its operations across Africa, aiming to build a fully integrated platform that serves businesses of every size. This comprehensive solution will offer a range of services, from digital payments and banking to foreign exchange (FX), credit, and business management tools, providing a seamless, all-in-one experience for businesses looking to streamline their financial operations.
Revolutionizing Nigeria’s Financial Sector and Beyond
Moniepoint’s contribution to Nigeria’s financial services landscape has earned it widespread recognition and a solid reputation as a trusted provider. Each month, Moniepoint processes over 800 million transactions, amounting to a monthly value of over $17 billion—all while maintaining profitable operations. With this robust performance, Moniepoint has solidified its position as a fintech leader, not only within Nigeria but across the African continent.
CEO’s Commitment to Driving Financial Inclusion and Empowering Entrepreneurs
Founder and Group CEO Tosin Eniolorunda shared his vision for Moniepoint’s future, emphasizing the company’s dedication to supporting customers and promoting financial inclusion:
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. We’re encouraged by the diversity and breadth of our users who find value in our platform, and we’re just getting started—today is day one from here.”
Aiming for Financial Happiness and Sustainable Growth in Africa
Through this strategic expansion, Moniepoint aspires to deliver “financial happiness” by providing accessible, user-friendly solutions tailored to the needs of African businesses. With the backing of major global and regional investors, Moniepoint is well-positioned to enhance financial inclusion and empower Africa’s growing community of entrepreneurs, all while establishing a sustainable, long-term growth trajectory across the continent.
