Established in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (previously known as TeamApt) boasts a remarkable history of serving clients across the continent. Initially dedicated to delivering infrastructure and payment solutions for banks and financial institutions, Moniepoint has evolved into Nigeria's foremost business banking provider, earning the trust of millions. The company processes over 800 million transactions monthly, with a total monthly transaction value surpassing US$17 billion, all while maintaining profitability.
The Series C funding round was spearheaded by Development Partners International’s African Development Partners (ADP) III fund, a leading investment vehicle focused on Africa. New investors include Google’s Africa Investment Fund and Verod Capital, a prominent private equity firm in Africa. Additionally, Lightrock, a global impact firm and existing investor, also took part in this funding round.
This new influx of capital comes on the heels of a successful phase for Moniepoint, which has been building on its profitable business model and achieving significant operational and financial milestones. In August 2023, Moniepoint expanded into the personal banking sector through its subsidiary, Moniepoint Microfinance Bank, witnessing a remarkable 2,000% increase in personal finance customers over the past year. The company was also recognized as Africa’s fastest-growing fintech for the second consecutive year by the Financial Times.
The funds raised will be utilized to further accelerate Moniepoint’s expansion across Africa, developing a comprehensive, seamlessly integrated platform tailored for businesses of all sizes. This platform will encompass a range of services, including digital payments, banking, foreign exchange (FX), credit, and business management tools, positioning it as a one-stop solution for business needs.
The investment commitment from DPI, Google’s Africa Investment Fund, Verod, and Lightrock highlights the significant influence Moniepoint is exerting in the realms of digital and financial inclusion, as well as its transformative capacity to stimulate economic activity and development. This also underscores the exceptional blend of growth and profitability that the company has achieved, with revenue increasing at a remarkable rate of over 150% CAGR in recent years, alongside industry-leading gross profit and EBITDA margins.
Moniepoint’s initiatives in financial inclusion align with the efforts of numerous African governments to enhance access to the formal financial sector and promote economic growth—an essential endeavor considering that approximately 83% of employment in Africa is within the informal economy. The Central Bank of Nigeria acknowledged Moniepoint’s contributions to financial inclusion in 2022 by awarding it the National Inclusive Payment Initiative Award.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., stated: “Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.
“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”
Adefolarin Ogunsanya, Partner at Development Partners International, remarked: “We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest growing companies. A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.
“DPI has a long track record of supporting businesses like Moniepoint to achieve their next stage of scale. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success. We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services.”
In this recent round of capital raising, DPI, Google’s Africa Investment Fund, and Verod have joined the ranks of established blue-chip investors in Moniepoint, which include QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
Danladi Verheijen, Managing Partner at Verod Capital said: “Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact. By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”
Also speaking on the fundraise, Ravi Sharma, Partner at Lightrock, noted: “Tosin and the dedicated team at Moniepoint have achieved something remarkable. They have built one of the most promising fintechs in Africa by creating economic opportunities for others, most notably SME businesses - critical drivers of economic and social progress.
“Their innovative offering which combines digital payments, banking, and business management tools, is transforming the financial landscape for millions of businesses across the continent. All of us at Lightrock are proud to be supporting Moniepoint through this next chapter as they scale their presence and positive impact.”
Gbenga Ajayi, Partner and Head of Middle East and Africa at QED Investors added: "We are delighted to welcome DPI and Google to the Moniepoint journey. We have been very impressed with the execution of the team and strong customer focus over the past few years. The results speak for themselves – Moniepoint has outperformed expectations and it continues to deliver superior products to merchants across Nigeria. We couldn’t be more excited for the company’s next phase of growth."
Financial Technology Partners served as the sole financial and strategic advisor to Moniepoint.
Moniepoint Inc. represents Africa's comprehensive financial ecosystem, enabling 10 million businesses and individuals to utilize integrated payments, banking, credit, and business management solutions since its inception in 2019.
As the leading merchant acquirer in Nigeria, it facilitates the majority of the nation's Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. efficiently processes $17 billion each month for its clients while maintaining profitability.