Moniepoint Raises $90M, Closes $200M Series C

Moniepoint Raises $90M, Closes $200M Series C

Moniepoint, a leading fintech startup, has raised an additional $90 million in investment. This latest injection pushes its ongoing Series C funding round to a total of $200 million. The new funds mark a major boost for Moniepoint’s ambitious growth plans across Africa and beyond.

The fresh capital values Moniepoint at over $1 billion, according to Ross Strike, Moniepoint’s senior vice president. This milestone highlights the strong investor confidence in the company’s business model and its potential to lead financial technology across the continent.

Moniepoint had already raised $110 million in funding last year. This makes the cumulative amount raised in this round one of the largest for an African fintech startup.

Moniepoint Raises $90M, Closes $200M Series C

Strategic Use of Funds: Nigeria, Kenya, and the UK

The infusion of $90 million will be directed towards intensifying operations in its core market of Nigeria and expanding its footprint into new territories such as Kenya and the United Kingdom.

Nigeria remains Moniepoint’s primary market. The startup aims to deepen its presence by scaling its payment solutions and merchant networks. Its platform supports millions of small and medium businesses with financial services, and the new investment will help improve technology and user reach in Nigeria.

Kenya represents a new frontier for Moniepoint. The company plans to introduce its products there to tap into the rapidly growing payments sector. Kenya’s vibrant digital economy and increasing fintech adoption make it an attractive expansion choice.

Moniepoint’s move into the UK market signals its first step outside Africa. The entry intends to serve the African diaspora and cross-border payments. This cross-continental approach could unlock new revenue streams and partnerships for the fintech.

Also read: Top 5 Emerging Fintech Startups in Africa

Africa’s Startup Funding Hits Record Highs

According to data from Africa: The Big Deal, startups across the continent have raised over $2.2 billion so far this year, with 33% of the funding raised going to fintech start-ups (excluding exits). That’s $725 million out of the $2.2 billion. This surpasses total funding in both 2023 and 2024, confirming a growing trend of investor enthusiasm in African tech. The funding surge has also coincided with a record number of mergers and acquisitions among startups, signalling a maturing ecosystem.

Accelerating Product Development and Growth

Moniepoint’s funding success reflects this bullish financing environment. Investors see strong growth potential in fintechs that enable financial inclusion and digital commerce across Africa.

The additional $90 million will allow Moniepoint to accelerate product development. It will also support hiring top talent and investing in robust infrastructure to scale seamlessly.

This Series C round included participation from existing investors and drew new global backers. Their confidence underscores the startup’s track record of strong performance and market traction.

Also read: African Tech Funding Declines 5% in Q1 2025, Reaching $460 Million

Driving Financial Inclusion with Technology

Moniepoint’s platform offers payment processing, merchant services, and digital wallets tailored for African small businesses. It aims to bridge gaps in financial access that traditional banks often miss.

With over one million merchants and agents on its network, Moniepoint has rapidly grown since its inception. The new funds are expected to propel this expansion and enhance service offerings.

Preparing for Regulatory Compliance

The startup plans to invest in security and compliance measures to meet regulatory standards in new markets such as the UK, where financial regulations are stringent. Moniepoint’s leadership highlighted that this funding round is vital to its vision of creating a pan-African digital financial ecosystem. The company seeks to unlock new opportunities for unbanked and underserved populations.

The increased capital empowers Moniepoint to compete with global fintech companies expanding their footprint in Africa. Its local expertise and tailored solutions offer a competitive edge. This funding round follows a global surge in interest for African fintech startups. Investors are drawn by the continent’s large youth population, rising smartphone penetration, and expanding internet access.

Moniepoint’s growth strategy also includes partnerships with banks, telecom companies, and technology providers to integrate services and expand reach.

Also read: Kenya’s Tech Sector Becomes Leading FDI Magnet

Inspiring Africa’s Startup Ecosystem

Moniepoint’s journey from a Nigerian payments startup to a billion-dollar company exemplifies the continent’s growing startup ecosystem. Its success fuels hope for other startups aiming to scale regionally and globally.

As Africa’s digital economy accelerates, fintech innovators like Moniepoint are key drivers of inclusive growth. Their ability to solve local challenges with technology opens doors for millions.

With $200 million raised, Moniepoint is poised to expand rapidly. Nigeria, Kenya, and the UK will benefit from new financial products that support business growth and ease of transactions.

This accomplishment reflects a wider trend of record startup investments in Africa this year, underpinning the continent’s emergence as a major technology hub.

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