Funding Round attributes
Moniepoint Inc., a Nigerian financial technology company, recently completed a Series C funding round, raising $110 million to expand its services and operations. The round was led by Development Partners International (DPI), with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock, an existing investor. Moniepoint, founded in 2015, has grown to become Nigeria's largest merchant acquirer and in-person payments platform, serving millions of businesses and individuals across the country.
The funds will support Moniepoint’s expansion plans across Africa and enable the company to develop an integrated platform for businesses of all sizes. The platform aims to provide a comprehensive suite of financial services, including digital payments, banking, foreign exchange, credit, and business management tools, to help African businesses streamline their financial operations. This approach addresses the needs of small and medium-sized enterprises (SMEs), which often face challenges accessing traditional banking and financial services.
Moniepoint processes more than 800 million transactions monthly, with a transaction value exceeding $17 billion. The company has experienced rapid growth, with its revenue seeing a compound annual growth rate of over 150% in recent years. Additionally, Moniepoint has reported strong gross profit and EBITDA margins, indicating both financial stability and growth potential. This financial performance reflects the increasing demand for Moniepoint’s services, particularly among businesses in Nigeria’s informal sector, which accounts for a significant portion of employment across the African continent.
CEO Tosin Eniolorunda highlighted that the latest funding round validates Moniepoint’s dedication and impact over nearly a decade. He emphasized the company’s commitment to extending formal financial access to underserved sectors, particularly targeting the informal economy. With this new capital, Moniepoint aims to accelerate its efforts to bridge the financial gap in Africa, enhancing access to tools that support business growth and financial inclusion.
The investment from DPI, Google’s Africa Investment Fund, Verod Capital, and Lightrock reflects confidence in Moniepoint’s role in promoting digital and financial inclusion across Africa. The backing from these prominent investors signals Moniepoint’s potential to make significant contributions to economic activity and development in the region, particularly by addressing the needs of Africa's vast informal sector.
With the Series C funding, Moniepoint is positioned to enhance its financial services platform further, providing an accessible, one-stop solution that caters to a diverse range of business needs. This platform expansion is expected to empower businesses by offering greater control and flexibility in managing finances, thus promoting financial resilience and growth.
In summary, Moniepoint’s $110 million funding round marks a critical step in its mission to extend financial access and support business expansion across Africa. The investment from DPI, Google’s Africa Investment Fund, Verod Capital, and Lightrock not only strengthens Moniepoint’s position in the African fintech landscape but also underscores its commitment to driving economic growth through improved financial inclusion. As Moniepoint continues to expand and develop its integrated platform, it aims to address the diverse needs of African businesses, enabling them to thrive in an evolving digital economy.
