Moniepoint Closes $200 Million Series C as Global Investors Double Down on African Fintech
Moniepoint, one of Nigeria’s leading fintech infrastructure companies, has raised an additional $90 million, closing its Series C round at a total of $200 million. The fresh capital cements Moniepoint’s status as one of Africa’s newest unicorns, underscoring the growing investor confidence in African fintech at a time when global venture funding remains tight.
Global capital, local dominance
The round was led by Development Partners International (DPI) through its African Development Partners III fund, with strong participation from LeapFrog Investments, Lightrock, Alder Tree Investments, the Google Africa Investment Fund, Visa Inc., the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
This funding builds on the $110 million raised in October 2024, bringing Moniepoint’s Series C to a close at $200 million. The company’s valuation is now estimated to exceed $1 billion, joining the small but growing list of African fintech unicorns.
Moniepoint’s founder and CEO, Tosin Eniolorunda, described the round as a strategic milestone to accelerate the company’s mission of powering business banking for small and medium enterprises (SMEs) across Africa.
Scaling beyond Nigeria
Moniepoint’s growth story has been remarkable. What began in 2015 as a payment infrastructure company has evolved into one of Nigeria’s most dominant fintech players, processing over $250 billion in annual transactions.
With this new funding, Moniepoint plans to deepen its expansion into Kenya, where it recently acquired a majority stake in Sumac Microfinance Bank, and launch international remittance services in the United Kingdom through its product, MonieWorld.
These moves mark a clear shift from being a local fintech to a multi-market financial services company with ambitions to serve millions of businesses and individuals across Africa and beyond.
Why investors are paying attention
At a time when venture capital activity in Africa has slowed, Moniepoint’s successful raise stands out. Investors are betting on its solid fundamentals: profitability, scale, and an established merchant network.
Unlike many fintechs still burning cash to grow, Moniepoint has built a reputation for sustainable growth and measured expansion, which likely made the deal attractive to institutional investors like IFC and Visa.
It also signals a broader shift in investor priorities. The focus is moving away from consumer fintechs toward infrastructure-driven financial technology, the kind that underpins payments, lending, and banking for businesses at scale.
What this means for African fintech
Moniepoint’s $200 million close is more than just a big number. It’s a signal that global confidence in African fintech is recovering, especially for companies with proven business models and clear regulatory alignment.
The funding could spur renewed optimism for startups building around financial inclusion, merchant banking, and cross-border payments. It also places pressure on other major players like OPay, Flutterwave, and PalmPay to maintain their momentum and defend market share.
However, success will depend on execution. Expansion into multiple markets means navigating different regulatory environments, currency risks, and compliance frameworks. The coming year will test Moniepoint’s ability to sustain profitability while scaling across borders.
A defining moment
Moniepoint’s journey reflects the evolution of African fintech: from payment processing startups to full-fledged digital banks serving millions. With a $200 million war chest and backing from some of the world’s biggest investors, the company is now positioned to shape the next phase of Africa’s financial services ecosystem.
Whether it maintains its momentum will depend on one thing, how well it turns capital into scalable, compliant, and sustainable growth.
