Fintech startup Moniepoint, based in Nigeria, announced on Tuesday that it has secured $110 million in fresh capital from investors, including Google, to expand its digital payments and banking services throughout Africa.
Moniepoint (formerly known as TeamApt) was established in 2015 by Tosin Eniolorunda and Felix Ike. Initially, it focused on providing digital infrastructure and payment solutions for banks and other financial institutions. But it has since evolved into one of Nigeria’s top business banking providers, trusted by millions of individuals and businesses.
The Series C investment was initiated by Development Partners International’s African Development Partners III fund. Other new investors include Google’s Africa Investment Fund, Verod Capital, and current investor Lightrock.
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Moniepoint leverages investment for African growth
The investment funds will accelerate Moniepoint’s expansion across the African continent, creating a platform that is not only encompassing but can also seamlessly integrate African enterprises of all sizes. The fintech company will provide a variety of services, including digital payments, banking, foreign exchange (FX), credit, and business management tools.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure,” said Eniolorunda, Founder and Group CEO of Moniepoint Inc.
“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential,” he added. “I want to sincerely thank the entire Moniepoint team for making this achievement possible.”
“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”
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Nigeria, home to more than 200 million people, is one of Africa’s fastest-growing fintech markets, where the majority of its population still lack access to basic financial services like banks.
In August 2023, Moniepoint began providing personal banking services but its tremendous growth in the past year has led to the execution of over 800 million transactions valued at $17 billion per month.
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