Sequence C spherical led by Improvement Companions Worldwide; different traders embrace Google’s Africa Funding Fund, Verod Capital and Lightrock
Moniepoint Inc. (“the Firm” or “Moniepoint”), Africa’s fastest-growing fintech, pronounces it has efficiently raised US$110 million in fairness financing, to energy the goals of hundreds of thousands of companies and their clients throughout Africa and the diaspora.
Based in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (previously often called TeamApt) has an enviable observe report of serving clients throughout Africa. Initially targeted on offering infrastructure and fee options for banks and monetary establishments, Moniepoint has grown into Nigeria’s main enterprise banking supplier, trusted by over two million companies. Every month, Moniepoint processes over 800 million transactions, with a month-to-month whole worth exceeding US$17 billion—all whereas working profitably.
The Sequence C funding was led by Improvement Companions Worldwide’s African Improvement Companions (ADP) III fund – a premier fund targeted on Africa. Different new traders embrace Google’s Africa Funding Fund and Verod Capital – a number one African personal fairness agency. International affect agency, Lightrock, an present investor, additionally participated.
The brand new capital follows a profitable interval for Moniepoint constructing on its worthwhile enterprise mannequin with main operational and monetary milestones. In August 2023, Moniepoint entered the non-public banking market by its subsidiary, Moniepoint Microfinance Financial institution, skilled 2,000% progress in private finance clients over the previous 12 months, and was ranked as Africa’s fastest-growing fintech for the second consecutive 12 months by the Monetary Instances.
The capital raised can be used to speed up Moniepoint’s progress throughout Africa, constructing an all-in-one, seamlessly built-in platform for African companies of all sizes. This platform will embrace companies reminiscent of digital funds, banking, overseas trade (FX), credit score, and enterprise administration instruments, making it a one-stop store for enterprise options.
The funding conviction from DPI, Google’s Africa Funding Fund, Verod and Lightrock is testomony to the affect Moniepoint is having by digital and monetary inclusion and its sport altering capability to foster financial exercise and growth. It additionally speaks to the distinctive mixture of progress and profitability the enterprise has demonstrated, rising income at over 150% CAGR lately with business main gross revenue and EBITDA margins.
Moniepoint’s monetary inclusion efforts help initiatives by many African governments to widen entry to the formal monetary system and drive financial progress – an important necessity given c. 83% of employment throughout Africa is within the casual economic system. Moniepoint’s constructive affect in direction of monetary inclusion was recognised by the Central Financial institution of Nigeria in 2022, when it acquired the Nationwide Inclusive Fee Initiative Award.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., stated:
“Our mission is to assist our clients resolve their challenges by making our platform extra progressive, clear, and safe. The proceeds from this elevate will velocity up our efforts to drive monetary inclusion and help Africa’s entrepreneurial potential. I wish to sincerely thank your complete Moniepoint staff for making this achievement doable.
“We’ve been inspired by the variety and big swathe of those that have discovered worth in our platform and the companies we offer in serving to to create monetary happiness. However, we’re simply getting began, as it’s simply day one from right here.”
Adefolarin Ogunsanya, Accomplice at Improvement Companions Worldwide, commented:
“We’re delighted to guide this funding spherical in Moniepoint, considered one of Africa’s most fun and quickest rising corporations. A worthwhile enterprise led by a superb management staff with clear strategic imaginative and prescient, Moniepoint is properly positioned to proceed its spectacular progress trajectory whereas driving monetary inclusion for underserved companies and people throughout Africa.
“DPI has a protracted observe report of supporting companies like Moniepoint to realize their subsequent stage of scale. The corporate’s mixture of progressive expertise, quick progress, and constructive affect on the continent underpins our conviction in its future success. We look ahead to working carefully with Tosin and his proficient staff to increase Moniepoint’s buyer base by offering companies and people with first-class banking and funds companies.”
On this newest capital elevate – DPI, Google’s Africa Funding Fund, and Verod be a part of present blue-chip traders in Moniepoint reminiscent of QED Traders, Novastar Ventures, Lightrock, British Worldwide Funding, International Ventures, Endeavour Catalyst, and New Voices Fund.
Danladi Verheijen, Managing Accomplice at Verod Capital stated:
“Our funding in Moniepoint aligns with our mission to again high-growth corporations that drive each market management and transformative social affect. By supporting Moniepoint’s formidable growth, we’re advancing monetary entry and unlocking the potential of underserved markets, fostering widespread financial empowerment.”
Additionally talking on the fundraise, Ravi Sharma, Accomplice at Lightrock, famous:
“Tosin and the devoted staff at Moniepoint have achieved one thing outstanding. They’ve constructed some of the promising fintechs in Africa by creating financial alternatives for others, most notably SME companies – crucial drivers of financial and social progress.
“Their progressive providing which mixes digital funds, banking, and enterprise administration instruments, is remodeling the monetary panorama for hundreds of thousands of companies throughout the continent. All of us at Lightrock are proud to be supporting Moniepoint by this subsequent chapter as they scale their presence and constructive affect.”
Gbenga Ajayi, Accomplice and Head of Center East and Africa at QED Traders added:
“We’re delighted to welcome DPI and Google to the Moniepoint journey. Now we have been very impressed with the execution of the staff and powerful buyer focus over the previous few years. The outcomes communicate for themselves – Moniepoint has outperformed expectations and it continues to ship superior merchandise to retailers throughout Nigeria. We couldn’t be extra excited for the corporate’s subsequent part of progress.”
Monetary Know-how Companions acted as unique monetary and strategic advisor to Moniepoint.
