Moniepoint Secures $90M to Close Series C, Bolstering African Fintech with Visa and Google Backing
Nigerian fintech powerhouse Moniepoint has announced a significant boost to its Series C funding round, securing an additional $90 million. This latest infusion of capital elevates their total Series C raise to an impressive $200 million, following an initial $110 million earlier in 2024. This substantial investment underscores escalating investor confidence in Moniepoint’s strategic vision and the immense growth potential within Africa’s dynamic digital financial sector, highlighting a pivotal moment for the continent’s burgeoning tech ecosystem.
Global Investors Deepen Africa Bets in Moniepoint’s Landmark Round
The recent investment round saw robust participation from a consortium of leading global and development financial institutions. Development Partners International (DPI) spearheaded the funding, joined by notable entities such as the International Finance Corporation (IFC), Leapfrog Investments, and critically, Google’s Africa Investment Fund and Visa. This diverse backing signals a strong belief in Moniepoint’s long-term trajectory and the broader transformation of financial services across Africa. Tosin Eniolorunda, co-founder and CEO of Moniepoint, articulated the company’s forward-looking approach: “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.” Visa’s continued participation is particularly noteworthy, reinforcing its strategic commitment to fostering collaboration with Africa’s most innovative fintech companies, thereby expanding digital payment infrastructure and financial inclusion across the continent. Google’s involvement further solidifies the growing interest of major tech players in the African market.
This successful Series C closure marks a significant milestone for Moniepoint, providing substantial capital to accelerate its mission of delivering financial happiness to Africans. The deep involvement of global powerhouses like Visa and Google, alongside prominent investment firms, serves as a powerful testament to the maturity and promise of Africa’s digital economy. As Moniepoint moves into its next phase, this $200 million war chest positions it strongly to drive innovation, expand its reach, and cement its role as a key player in shaping the future of financial services across the continent, promising greater financial access and empowerment for millions.
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