Click to watchMoniepoint Inc. (“Moniepoint” or “the company”) has extended its Series C round to $200 million with a new investment of $90 million. The company has now raised over $280 million in its lifetime, which is just about half of what its arch-rival, OPay, has raised. Moniepoint will use this fund to support its geographic expansion and deepen its offering to Africans and their businesses.
The extension was again led by Development Partners International (DPI) through its African Development Partners (ADP) III fund, which also anchored the company’s initial $110 million Series C raise in 2024. That earlier round brought in Google’s Africa Investment Fund, Verod Capital Management, and Lightrock as backers.
Founder and Group CEO, Moniepoint Inc., Tosin Eniolorunda said, “We will not rest on our laurels. 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.”
This latest tranche introduces new investors to the cap table, including LeapFrog Investments (investors in Interswitch), Visa, and development finance institutions such as the International Finance Corporation (IFC), Proparco, and Swedfund (which contributed $10 million). Alder Tree Investments also joined the round, while Lightrock, Verod, and Google’s fund returned as follow-on participants.
“We have seen more interest coming slowly from global investors, especially those that have seen other emerging markets, willing to underwrite the African growth story,” said Ross Strike, SVP, Investor Relations at Moniepoint.
The company now reportedly processes over $250 billion in digital payments annually for 10 million active customers (individuals and businesses). In January 2025, the company told TechCrunch that it processes $1 billion transactions worth $22 billion monthly. That represents a 25% growth rate from the 800 million transactions worth $17 billion monthly that it was processing in October 2024.
Adefolarin Ogunsanya, Partner at Development Partners International, said, “Since leading the first close of this landmark Series C, we have seen Moniepoint reach new heights – delivering innovation alongside sustained growth and profitability.”
Founded in 2015 as an agency banking operator, the company has since evolved into a full-fledged financial institution. So, beyond its blue PoS machines used by its thousands of agents and merchants, the company also offers personal and business banking solutions, including savings and loans. In August 2025, it also announced Moniebook, a business management solution, following the acqui-hire of a new startup, Grocel.
Karima Ola, Partner at LeapFrog Investments, said, “Moniepoint has become an indispensable partner to MSMEs by empowering them with the digital tools and trust they need to transact, grow, and employ others at scale.”
The company, which now has over 2,000 employees in more than 20 countries, has been itching to expand into other markets. In March 2025, it rolled out its UK-domiciled international payments app, MonieWorld. In June 2025, it appears to have made headway in Kenya through the acquisition of a majority stake in Sumac, a microfinance bank in the country, after the Kopokopo play hit an impasse.
As the company grows, it would look to consolidate its multi-region, multi-product play into one app that makes user experience, commercial and regulatory sense.
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