Nigeria’s Billion-Dollar Fintech Moniepoint Raises An Additional $90M From Visa, Google, And Others
Moniepoint has raised another $90 million in an extension of its Series C round, bringing its total to $200 million after its initial $110 million raise in 2024. The round included investors such as Visa, Development Partners International LLP, Leapfrog, and Alphabet Inc.’s Google Africa Investment Fund, Ross Strike, according to Bloomberg.
“We will not rest on our laurels,” co-founder and CEO Tosin Eniolorunda said in a statement. “The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story – with financial happiness for Africans everywhere remaining our ultimate goal.”
About Moniepoint
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint originally launched as TeamApt. The company has since shifted from supporting bank infrastructure to becoming one of Nigeria’s largest business banking providers, serving millions of businesses across Africa.
Last year, successfully raised $110 million in a Series C funding round. This raise gives the company a valuation of at least $1 billion for the first time, according to the Financial Times.
Moniepoint’s entry into the UK
The fintech, which was recently recognized as one of the UK’s leading fintech companies, expanded into the UK in 2024. In April, it announced the launch of Monieworld, aimed at providing African immigrants with access to financial services, starting with remittances, according to Techpoint.
According to recent regulatory filings (PDF), Moniepoint reported a loss of $1.2 million during its first year of operations in the United Kingdom. The company generated no revenue between February and December 2024, with its activities funded entirely by its parent company.
“Moniepoint Inc. can confirm that Moniepoint GB’s financial results for the period February to December 2024 reflect the expected early-stage investment phase common across financial services firms entering new regulated markets. Moniepoint GB’s focus is on serving the UK’s African diaspora and bringing financial happiness to a new market – an ambition that naturally requires upfront investment in compliance, infrastructure and people,” a statement from Moniepoint said.
Image: Moniepoint
