LAGOS, Oct 21 (Reuters) – Nigerian fintech firm Moniepoint Inc. said on Tuesday it had raised more than $200 million in a funding round led by Development Partners International, as it seeks to expand its digital financial services across Africa and beyond.
The Series C financing, which also included LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the International Finance Corporation, is one of the largest equity fundraisings by an African fintech this year.
The Reuters Daily Briefing newsletter provides all the news you need to start your day.
Moniepoint, formerly known as TeamApt, said the funds would support its expansion into new markets and enhance its offerings for small and medium-sized enterprises, which form the backbone of Africa’s informal economy.
“This is a proud day for Moniepoint,” said Tosin Eniolorunda, the company’s co-founder and CEO. “We founded the company to widen financial inclusion and help African entrepreneurs realise their potential. This funding will help us accelerate that mission.”
Founded in 2015, Moniepoint has grown into Nigeria’s largest business banking platform, serving over 10 million active users and processing more than $250 billion in annual transaction value. The company has remained profitable at scale, a rare feat among global fintechs.
Advertisement · Scroll to continue
The funding follows a string of product launches, including MonieWorld, a remittance platform targeting the African diaspora in Britain, and a bookkeeping tool for micro and small businesses.
DPI, which led the first close of the round in 2024, said Moniepoint’s combination of growth and impact made it a standout investment.
“Moniepoint continues to deliver innovation alongside sustained profitability,” said DPI partner Adefolarin Ogunsanya. “We’re proud to support its next phase of growth.”
LeapFrog’s Karima Ola said the investment aligned with the firm’s vision of building inclusive financial infrastructure across Africa.
Lightrock, Alder Tree Investments, Proparco, Swedfund, and Verod Capital Management also participated in the funding round. Financial Technology Partners acted as exclusive adviser to Moniepoint.
EduTimes Africa, a product of Education Times Africa, is a magazine publication that aims to lend its support to close the yawning gap in Africa's educational development.