Moniepoint Secures $110M in Series C to Transform African Finance

Moniepoint Secures $110M in Series C to Transform African Finance

By Staff Writer, 31 October 2024
Two men standing together in front of a building with large windows.

Moniepoint founder: Tosin Eniolorunda, CEO and Felix Ike, CTO

Moniepoint has successfully secured a Series C funding round, led by Development Partners International, alongside investments from Google’s Africa Investment Fund, Verod Capital, and Lightrock. This capital injection aims to advance Moniepoint’s mission of transforming financial services across Africa, building on its success as Nigeria's top in-person payments platform and largest merchant acquirer. Since 2015, Moniepoint has reached millions, with 2 out of every 3 Nigerian adults using its terminals. Currently, Moniepoint processes over 800 million transactions each month, totaling more than $17 billion.

The funds will fuel the expansion of Moniepoint’s integrated platform, providing African businesses with essential digital tools, including payments, banking, cross-border transactions, credit, and management solutions. This latest investment highlights Moniepoint’s impact in digital and financial inclusion, showcasing the company's growth with a compound annual revenue increase of 150% and industry-leading profit margins.

For Moniepoint's 2,000-strong team, this funding represents validation of nearly a decade of commitment. The company remains focused on making financial services accessible across Africa’s vast informal sector, which employs 83% of the continent's workforce.

"We believe in financial happiness for every African, everywhere," stated the Moniepoint team, underscoring the company's ambitious goals for future expansion.

Source: Moniepoint

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