African fintech Moniepoint has raised an additional $90 million in Series C equity funding led by LeapFrog Investments, with plans to expand its flagship suite of business banking and payment solutions across the continent.
The fresh funding takes Moniepoint’s total Series C raise to over $200 million after the company secured $110 million in a first tranche of investment in October 2024. The initial raise was led by Development Partners International, through the African Development Partners III Fund. Lightrock, Alder Tree Investments, Visa, Proparco, Swedfund, Verod Capital Management, the International Finance Corporation, and Google, through its Africa Investment Fund, also participated in the Series C raise.
Formerly known as TeamApt, Moniepoint was founded in 2015 by CEO Tosin Eniolorunda and CTO Felix Ike. The company, which has offices in Nigeria, Kenya, the UK, and the US, provides digital and cross-border payments, business and personal banking, credit, and business management tools to approximately 10 million business and personal banking customers, while processing in excess of $250 billion in digital payments transaction value annually.
According to a statement, the Series C raise will be used to fund the company’s continued expansion across Africa “and into international markets”. This effort has so far led to the launch of the international remittance solution MonieWorld in April, as well as Monipoint’s purchase of a 78% majority stake in Kenya’s Sumac Microfinance Bank, approved by the Competition Authority of Kenya in June this year.
“We will not rest on our laurels,” Eniolorunda confirms. “The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story, with financial happiness for Africans everywhere remaining our ultimate goal.”
Source: https://www.fintechfutures.com/
