January 24, 2025

Moniepoint Gets Investment From Visa To Work On Contactless Payments

Moniepoint

Nigerian fintech unicorn Moniepoint has received a “strategic investment” from Visa, according to Techcrunch. The funding aims to propel financial inclusion and support the expansion of small and medium-sized enterprises (SMEs) across Africa.

Moniepoint’s Series C

Sources close to the deal say Moniepoint received over $10 million from Visa after securing a $110 million Series C round last October. Now, its Series C surpasses $120 million, and the company is allegedly speaking to other investors and could potentially attract more funding in the coming months while continuing its billion-dollar valuation. However, Moniepoint did not comment on Visa’s investment or attraction from other investors.

“With Visa as our investor, we can strategically collaborate to continue to grow the payment ecosystem and expand to more countries, which is a key goal for us,” CEO Tosin Eniolorunda told TechCrunch.

Strategic Focus on Business Banking and Financial Access

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint was originally launched as TeamApt. Moniepoint’s platform provides a range of services beyond standard banking, including business loans, expense management tools, bookkeeping solutions, and more. 

Read: Oui Capital Returned Its First $4M Fund With Moniepoint’s Unicorn Exit

In 2023, the company also entered the personal banking market with an app and debit card, positioning itself as a one-stop financial solution for both businesses and individuals.

Image: Moniepoint

Habiba Katsha

Habiba Katsha is a journalist and writer who specializes in writing about race, gender, and the internet. She is currently a tech reporter at POCIT.