Moniepoint, the Nigerian financial technology company, has raised $110 million in the first tranche of its Series C funding round, in a deal announced on 29 October 2024. The round is led by Development Partners International, a private equity firm focused on African growth markets, through its ADP III fund, with participation from Google's Africa Investment Fund, Verod Capital and existing investor Lightrock, and the capital is earmarked for the continued expansion of Moniepoint's integrated platform for businesses and their customers across the continent.
The company processes more than 800 million transactions a month, worth over $17 billion, and serves more than 10 million businesses and individuals.
THE PLATFORM
Moniepoint's model centres on providing an integrated suite of financial services to businesses — combining payments acceptance, banking, and related tools into a single platform.
EXPANSION AND VALUATION
With the Series C tranche secured, Moniepoint has articulated an ambition to extend its integrated banking and payments platform beyond Nigeria to other African markets.
The round also took Moniepoint's valuation past $1 billion, according to media reports.
Development Partners International described Moniepoint as "a profitable business led by an excellent leadership team with a clear strategic vision" that is "well positioned to continue its impressive growth trajectory".