Moniepoint secures $110m in Series C backed by Google and DPI

By Gloria Methri

FinTech Moniepoint Inc. has raised $110 million in equity financing to empower businesses and their customers across Africa and the diaspora.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has grown into Nigeria’s leading business banking provider, trusted by millions of businesses. Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. Other new investors include Google’s Africa Investment Fund, Verod Capital and existing investor Lightrock.

The capital raised will accelerate Moniepoint’s growth across Africa. It will build an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said, “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. I want to sincerely thank the entire Moniepoint team for making this achievement possible.”

Adefolarin Ogunsanya, Partner at Development Partners International, said, “We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest-growing companies. A profitable business led by an excellent leadership team with a clear strategic vision. Moniepoint is well-positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.

Danladi Verheijen, Managing Partner at Verod Capital, added, “Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact. By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”

Also speaking on the fundraiser, Ravi Sharma, Partner at Lightrock, noted, “Tosin and the dedicated team at Moniepoint have achieved something remarkable. They have built one of the most promising FinTechs in Africa by creating economic opportunities for others, most notably SME businesses – critical drivers of economic and social progress. Their innovative offering, which combines digital payments, banking, and business management tools, is transforming the financial landscape for millions of businesses across the continent. All of us at Lightrock are proud to be supporting Moniepoint through this next chapter as they scale their presence and positive impact.”