- Funding Round: Moniepoint raised $110 million in a Series C round led by ADP III, with participation from Lightrock, Google’s Africa Investment Fund, and Verod Capital.
- Company Background: Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint offers payments, banking, credit, and business management solutions to businesses. It has offices in Nigeria, Kenya, the UK, and the US.
- Operations: Moniepoint claims to be Nigeria’s leading business banking provider, processing $17 billion in transactions monthly.
- Recent Expansions: In August 2023, Moniepoint launched Moniepoint Microfinance Bank for personal banking and received approval to acquire Kenyan fintech Kopo Kopo.
- Use of Funds: The investment will go toward building an integrated platform for African businesses and expanding further across the continent.
- CEO Statement: CEO Tosin Eniolorunda says the funding will help drive financial inclusion and support entrepreneurship in Africa.
Africa’s “fastest-growing fintech” Moniepoint secures $110m Series C funding
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