I. Summary of Capital Raise
Nigerian-founded fintech Moniepoint, a prominent African unicorn company, has successfully concluded the second tranche of its Series C funding round, raising an additional USD 90 million in equity financing. This second tranche, announced on 21 October, brings the total Series C funding to USD 200 million, following an initial USD 110 million raise that secured the company’s over-USD 1 billion “unicorn” valuation the previous year.
II. Key Investors and Deal Structure
The total capital raise was led by Development Partners International (DPI) through its African Development III fund, with strategic participation from a host of major international financial institutions and venture capital firms, including LeapFrog Investments, Google Africa Investment Fund, Visa, International Finance Corporation (IFC), Lightrock, Proparco, Swedfund, Alder Tree Investments, and Verod Capital Management. The participation of global giants like Visa and Google underscores growing external confidence in the scalable and profitable business model of African fintechs. Legal advice for the lead investors was provided by Norton Rose Fulbright (NRF).
III. Company Profile and Strategic Focus
Moniepoint (founded in 2015 as TeamApt) operates a high-profile financial services platform that boasts significant market scale, serving over 10 million active commercial and personal banking users. The company annually handles more than USD 250 billion in digital transactions.
The core mission, as articulated by Group CEO Tosin Eniolorunda, is to “widen financial inclusion and to help African entrepreneurs realise their potential.” The funding is intended to be deployed strategically to:
- Fund faster expansion both within and outside the African continent.
- Improve capacity to help African users fulfill their financial aims.
- Empower Micro, Small, and Medium-sized Enterprises (MSMEs), which LeapFrog Investments Partner Karima Ola identifies as the “heartbeat of African economies,” through the provision of digital banking tools and formal credit.
This substantial funding round positions Moniepoint for its next phase of global growth and reaffirms its central role in driving financial inclusion across Africa.
