Moniepoint hits $1B valuation after $110M funding, joining Nigeria’s top fintechs as it expands digital finance across Africa.
Moniepoint, a leading Nigerian fintech company, officially joined the ranks of Africa’s tech unicorns in October 2024, after surpassing a $1 billion valuation during a $110 million funding round.
The round was led by Development Partners International’s ADP III fund and included investments from Google’s Africa Investment Fund and Verod Capital.
🚀 A Fintech Giant Emerges in Africa
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint began as a digital banking infrastructure provider. Their mission: to bridge digital finance gaps for underserved businesses and individuals in Nigeria.
“Our mission is to empower businesses and individuals across Africa by providing secure, accessible, and innovative financial tools,”
— Tosin Eniolorunda, Co-founder & CEO
💰 $110 Million Boost for Pan-African Growth
With this latest $110M investment, Moniepoint plans to:
- Expand beyond Nigeria
- Enhance its platform and customer experience
- Launch comprehensive digital tools for businesses
- Create thousands of jobs across Africa
Currently, the platform processes over $17 billion in monthly transactions, cementing its role in Nigeria’s financial system.
🌍 Nigeria: Fertile Ground for Fintech Unicorns
Moniepoint now stands alongside Nigerian fintech powerhouses like Flutterwave and Interswitch, reinforcing Nigeria’s reputation as Africa’s fintech capital.
This rise of unicorns reflects a broader surge in investment in African tech, driven by demand for innovative, inclusive, and mobile-first financial services.
💡 Financial Inclusion and the Future of African Banking
Moniepoint’s strategy focuses on streamlined payments, secure banking, and accessible digital services for SMEs and underserved markets. The company’s ambition is to support economic development across the continent through fintech.
“This milestone is just the beginning. Our vision is to continue driving digital finance across Africa,”
— Tosin Eniolorunda
