Moniepoint Raises $110 Million to Drive Growth of Digital Payments and Banking Solutions Across Africa

Moniepoint, Africa’s fastest-growing fintech, has raised $110 million in Series C equity funding to expand its innovative digital banking and payment services for millions of businesses and consumers across Africa. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint, previously known as TeamApt, initially focused on infrastructure for financial institutions but has since evolved into Nigeria’s leading business banking provider.

Moniepoint processes over 800 million transactions monthly, surpassing $17 billion in value and maintaining profitability. This latest investment round was led by Development Partners International’s ADP III fund, with new backing from Google’s Africa Investment Fund and Verod Capital, alongside continued support from existing investor Lightrock.

With this capital, Moniepoint aims to further accelerate its growth across Africa by enhancing its all-in-one platform to support businesses of all sizes. This platform will integrate digital payments, banking, foreign exchange, credit, and business management tools, making it an essential resource for African enterprises. The Series C funding underscores Moniepoint’s critical role in advancing financial inclusion and economic development across Africa.

Tosin Eniolorunda, Moniepoint’s Founder and Group CEO, expressed his commitment to furthering financial inclusion, saying, “This funding will enable us to bring even greater value to our customers by innovating on a platform that’s built to serve their evolving needs. We’re just getting started.”

"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 accelerate 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 breadth 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" Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said.

According to Adefolarin Ogunsanya, Partner at Development Partners International, "A profitable business led by an excellent leadership team with a 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 latest capital raise, DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint, such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.

On the investment, Danladi Verheijen, Managing Partner at Verod Capital, noted that "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.

Commenting on the fundraise, Ravi Sharma, Partner at Lightrock, also added that "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.