Moniepoint, one of Nigeria’s most prominent fintechs, has raised an additional $90 million to complete its Series C round, one year after achieving unicorn status and turning a profit.
The round was led by Development Partners International’s African Development Partners III (ADP III) fund, with LeapFrog Investment, an impact investor, anchoring the final close. Other investors in the round include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.
Moneipoint said the fresh capital will be used to power the its next phase of growth and continued expansion across the continent and into international markets.
“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,” said Tosin Eniolorunda, the CEO of Moniepoint.
Since its $110 million initial Series C round, the company has expanded its product to include a remittance product, an inventory product and launched contactless payment cards. In June, it secured approval from Kenyan regulators to acquire a majority stake in Sumac, a Kenyan microfinance bank. When completed, that deal would give Moniepoint a foothold in Kenya’s estimated $67.3 billion mobile payments market.
The company is also deepening its remittance play. Moniepoint Group earmarked $7.39 million for its London expansion, and so far, it has spent nearly half, according to UK regulatory filings. In April, it launched its first remittance product, MonieWorld, which allows UK residents to send money directly to any Nigerian bank account using a MonieWorld account, British bank cards, or Apple Pay and Google Pay.
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