Moniepoint Inc., a financial software business established by Nigerian digital entrepreneur Tosin Eniolorunda, has reached a critical milestone by obtaining $110 million in its Series-C fundraising round, which includes Google.
This strategic investment will enhance the company’s digital payment and banking capabilities, confirming its commitment to transforming financial services in Africa.
The funding round was supported by existing investors such as London-based Development Partners International (DPI) and private equity company Lightrock, as well as additional contributions from Google’s Africa Investment Fund and Verod Capital.
DPI, Google’s Africa Investment Fund, Verod, and Lightrock’s investment demonstrates their trust in Moniepoint’s ability to advance digital and financial inclusion while also fostering economic development.
With a compound annual growth rate (CAGR) of more than 150% in recent years, Moniepoint has industry-leading gross profit and EBITDA margins, demonstrating its profitability and growth potential.
Tosin Eniolorunda, CEO of Moniepoint, stated that this money will accelerate the company’s growth trajectory, allowing it to develop a comprehensive platform customized to African enterprises of any size.
This revolutionary platform will offer a variety of services, including digital payments, banking, cross-border transactions, credit, and business management tools, to provide a comprehensive solution for business needs.
“We’ve successfully provided tools for Africans to manage their finances and expand their enterprises,” Eniolorunda stated. “Now, we’re set on extending this capability to every African, everywhere.”
“This raise marks a new beginning for us, pushing the boundaries of access to formal financial systems in an informal sector that employs over 83 percent of Africa’s workforce,” Eniolorunda added, emphasizing the company’s vision of achieving financial happiness for all Africans.
Moniepoint Inc., founded as Apt Inc. by Eniolorunda in 2015, has rapidly evolved into a powerhouse within the fintech space.
With the purpose of promoting broad financial happiness, the company first focused on providing solutions for efficient money management by both enterprises and individuals.
Under Eniolorunda’s leadership, Moniepoint has risen to the top of Nigeria’s fintech market, empowering entrepreneurs by providing equal access to growth-enabling instruments.
Its portfolio includes over 600,000 businesses of varying sizes, and it runs Nigeria’s largest commercial payments platform.
Moniepoint gained approval to acquire Kopo Kopo, a Kenyan corporation specializing in payment services and credit provision, as part of a strategic expansion in 2023.
It also led a $3 million investment in Payday, a fintech business that provides global accounts in USD, EUR, and GBP to Africans, marking its first investment in the company.