Nigerian fintech firm Moniepoint MFB has announced the completion of its Series C funding round, raising an additional $90 million to bring the total round to $200 million. This fund raising was completed one year after achieving unicorn status.
The extension was led by Development Partners International (DPI)’s African Development Partners III fund, with major participation from LeapFrog Investments, Proparco, Swedfund, Verod Capital Management, Google’s Africa Investment Fund, Visa Inc., International Finance Corporation (IFC), and Lightrock.
According to Techpoint Africa, Visa and Google's participation in the extension is part of their moves to deepen Africa bets. In its statement, Moniepoint said the fresh capital will drive its next growth phase and continued expansion across the continent and into international markets.
CEO Tosin Eniolorunda commented that the company will deploy the funds “judiciously to generate even more momentum … with financial happiness for Africans everywhere remaining our ultimate goal.” The firm had previously raised US$110 million in its initial tranche of Series C in 2024.
Moniepoint has reported that the latest $90 million extension has pushed its valuation beyond $1 billion, further solidifying its status as one of Africa’s leading fintech unicorns. For Africa’s fintech ecosystem, this shows strong global investor confidence in scalable digital-financial models on the continent.
Moniepoint, founded in 2015, originally focused on payment infrastructure for banks in Nigeria, but has since expanded into business and personal banking, remittances, and credit services. It's worth mentioning that the company gained regulatory approval in June to buy a controlling stake in Sumac Microfinance Bank—a Kenyan MFB.
When the deal if finalized, it'd give Moniepoint a foothold in Kenya’s estimated $67.3 billion mobile payments market. In addition to Moniepoint's global expansion, the company is also deepening its remittance play using Monieworld—a financial services product designed for the NIgerian diasporas in the UK who want to send money to Nigeria.
The company allocated about $7.39 million for its London operations and spent nearly half so far, according to UK regulatory filings. In April, MonieWorld was launched. The remittance product lets UK residents to send money directly to any Nigerian bank account using a MonieWorld account, British bank cards, or digital wallets like Apple Pay and Google Pay.
