Moniepoint Inc. has raised USD 110 million in equity financing to enhance its integrated financial services platform for businesses across Africa.

Information on the Target

Moniepoint Inc., recognized as Africa’s fastest-growing fintech, has successfully raised USD 110 million in equity financing to empower millions of businesses and their customers across Africa and the diaspora. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has a strong history serving customers throughout Africa. Initially, the company focused on infrastructure and payment solutions for financial institutions but has since evolved into Nigeria's leading provider of business banking solutions, serving millions of clients.

Moniepoint processes over 800 million transactions monthly, with a total monthly transactional value exceeding USD 17 billion, all while maintaining profitability. The company has also launched its subsidiary, Moniepoint Microfinance Bank, which has seen remarkable growth, achieving a 2,000% increase in personal finance customers over the past year.

Industry Overview in Nigeria

The fintech landscape in Nigeria is rapidly evolving, with increasing investment and innovation driving financial inclusion and economic growth. Current estimates indicate that around 83% of employment in Nigeria is in the informal sector, emphasizing the need for