Moniepoint has raised an additional $90 million to complete a $200 million Series C, one year after the Nigerian fintech first surpassed a $1 billion valuation. The new capital underscores investor conviction in its pan-African growth strategy and international ambitions. The company says the fundraise will accelerate product development, market expansion, and operational scale.
Round Details and Investors
The round was led by Development Partners International through its African Development Partners III fund, with LeapFrog Investments anchoring the final close. Additional participants include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation, Proparco, Swedfund, and Verod Capital Management. Moniepoint did not disclose an updated valuation, but confirmed it remains well above the $1 billion mark established in 2024.
Strategic Use of Proceeds
Management said proceeds will be deployed “judiciously” to build momentum into the company’s next chapter. Chief executive Tosin Eniolorunda reiterated that delivering “financial happiness for Africans everywhere” remains the guiding objective. The funding will support continued continental expansion and selective entry into international corridors.
Product Expansion and New Offerings
Since the initial $110 million Series C tranche in 2024, Moniepoint has broadened its suite to include remittances, inventory tools for merchants, and contactless payment cards. The company launched MonieWorld, its first remittance product, enabling UK residents to send money to any Nigerian bank account via British bank cards, Apple Pay, or Google Pay. These additions extend Moniepoint’s evolution from agency banking toward a full-stack retail and business banking platform.
Regional Expansion in Kenya
Regulatory approval in June from Kenya’s Competition Authority cleared Moniepoint to acquire a majority stake in Sumac, a Kenyan microfinance bank. Completion of that transaction would provide a licensed foothold in Kenya’s mobile-payments market, which is estimated at $67.3 billion. The move aligns with Moniepoint’s strategy to pair technology with regulated infrastructure in priority markets.
International Push via the United Kingdom
Moniepoint Group earmarked about $7.39 million for its London expansion and has spent nearly half to date, according to UK filings. The UK beachhead is designed to serve African diaspora users and cross-border flows, beginning with Nigeria. Management frames the corridor as a template the company can replicate into additional send and receive markets over time.
Market Position and Scale
From origins as a software provider to Nigerian banks, Moniepoint has become a prominent player in African fintech. The company says it now serves more than 10 million personal and business customers and processes over $250 billion in annual transaction value. Its agency banking network helped build national distribution, while a microfinance bank license enabled broader current account, payments, and credit products.
Profitability and Financial Context
Moniepoint states it is profitable at group level, reflecting scale and unit economics across its core Nigerian franchise. However, the company recently recorded a $1.2 million loss tied to upfront investments in its UK setup, illustrating the near-term cost of international expansion. Management characterizes those losses as planned and necessary to capture long-run remittance and diaspora banking opportunities.
Competitive and Ecosystem Context
Visa’s participation highlights ongoing engagement by global networks with leading African fintechs, alongside past investments in platforms such as Interswitch, Paystack, and Flutterwave. Strategic investors and development finance institutions continue to back infrastructure-like providers that can improve access, reliability, and compliance across digital finance. Moniepoint’s mix of commercial and impact-oriented capital reflects investor appetite for scalable services that broaden financial inclusion while delivering sustainable returns.
The completed $200 million Series C hands Moniepoint fresh resources to deepen its Nigerian base, scale new products, and expand across priority African corridors and the UK. Execution will hinge on converting regulatory progress into licensed operations, monetizing remittance and merchant tools, and maintaining profitability as new markets ramp. With capital committed and a clearer international blueprint, the company enters its next phase with both momentum and measurable milestones to hit.