Moniepoint lands $110m capital boost to scale digital payment, banking solutions
Onome Amuge
L-R: Tosin Eniolorunda, founder and Group CEO of Moniepoint Inc. and Felix Ike, co-founder, Moniepoint Inc.
Moniepoint Inc, recognised as Africa’s fastest-growing financial institution, has successfully secured a $110 million in equity financing, with the aim of empowering millions of businesses and their customers across Africa and the diaspora to achieve their dreams and aspirations.
Founded by Tosin Eniolorunda and Felix Ike in 2015, Moniepoint, formerly known as TeamApt, has evolved from its origins as a provider of infrastructure and payment solutions for banks and financial institutions, to become one of Nigeria’s leading business banking providers.
Now trusted by millions of businesses across the country, Moniepoint boasts a monthly transaction volume of over 800 million, with a staggering total value of $17 billion processed every month.
The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated in the funding round.
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.
Business a.m gathered that the capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.
Tosin Eniolorunda, founder and Group CEO of Moniepoint Inc., noted that the company’s mission is to help customers solve their challenges by making the platform more innovative, transparent, and secure.
According to Eniolorunda, the proceeds from the raise will speed up the company’s 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,” the Group CEO stated.
Speaking to the rationale for their investment, Adefolarin Ogunsanya, partner at Development Partners International, stated, “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.”
The investment conviction from DPI, Google’s Africa Investment Fund, Verod and Lightrock is considered a testament to the impact Moniepoint is having through digital and financial inclusion and its game changing ability to foster economic activity and development.
As Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools, Moniepoint through its subsidiaries is Nigeria’s largest merchant acquirer, currently processing the majority of the Point of Sales (POS) transactions in Nigeria through its subsidiaries with $17 billion in monthly TPV.
In August 2023, Moniepoint entered the personal banking market and has experienced 2,000 percent growth in personal finance customers over the past year, according to its financial statement. This is as it grew its revenue at over 150 percent CAGR in recent years with industry leading gross profit and EBITDA margins.