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Moniepoint Inc., the Nigerian financial software company founded by tech entrepreneur Tosin Eniolorunda, has secured an additional $90 million in an extension of its Series C funding round. The latest investment brings the company’s total raise to $200 million, just a year after it reached a $1 billion valuation following its initial $110 million round.
Moniepoint raises fresh capital for expansion
The extension round was led by Development Partners International’s African Development Partners III (ADP III) fund, with LeapFrog Investments taking part as an anchor investor. Other backers include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
Eniolorunda said the fresh capital will support Moniepoint’s next stage of growth, including plans to strengthen its operations across Africa and expand further into international markets. “The proceeds from this raise will be used carefully to build on the progress we’ve made,” he said. “Our goal remains simple: to make financial happiness and inclusion a reality for individuals and businesses across Africa.”
Ross Strike, Moniepoint’s senior vice president, added that global confidence in African fintech remains strong. “We’re seeing growing interest from international investors who have studied other emerging markets and are now ready to commit to Africa’s growth story,” he said.
Moniepoint grows, adds U.K. remittance service
Founded with the mission to empower small businesses, Moniepoint has grown into one of Africa’s most active fintech players, serving more than 600,000 businesses and processing over one billion transactions every month, with payment volumes exceeding $22 billion. It has also expanded its presence in Kenya through the acquisition of Kopo Kopo and led a $3 million investment in Payday which provides Africans with access to global currency accounts.
Now based in London and Lagos Moniepoint is extending its reach beyond Africa. In 2024 it launched MonieWorld, a service that helps African migrants in the United Kingdom send money home quickly without transfer fees. The move reflects Eniolorunda’s broader goal of connecting African communities abroad with reliable digital financial tools.
Moniepoint’s global move honors African roots
In July it completed the acquisition of Bancom Europe, finalizing a deal first announced in December 2024. Bancom is licensed by the UK’s Financial Conduct Authority as an e-money institution and its acquisition allows Moniepoint to operate across the European Economic Area without seeking new local approvals.
Under Eniolorunda’s leadership, Moniepoint has built a reputation for discipline, ambition, and social purpose—balancing profitability with inclusion. “From the beginning, our focus was on helping African entrepreneurs achieve their potential,” he said. “That vision hasn’t changed. This raise marks another step toward building a truly global company with African roots.”
