Moniepoint Gets $200m Loan As Global Investors Back Expansion Plans

Nigerian fintech elephantine Moniepoint Inc. has secured implicit $200 cardinal successful a large backing circular to grow its integer fiscal services footprint crossed Africa and into caller planetary markets.

The Series C round, led by Development Partners International (DPI), besides attracted information from LeapFrog Investments, Visa, Google’s Africa Investment Fund, and the International Finance Corporation (IFC). The transaction ranks among the largest equity fundraisings by an African fintech successful 2024.

Founded successful 2015, Moniepoint has evolved from a supplier of banking infrastructure into Nigeria’s largest concern banking platform. It presently serves implicit 10 cardinal progressive users and processes much than $250 cardinal successful yearly transaction value.

After a strategical pivot successful 2019, the institution rapidly scaled nationwide to connection nonstop integer banking and payments done a immense cause and POS network. In 2023 alone, it processed implicit $150 cardinal successful transaction volume.

Hence, the steadfast has maintained profitability astatine scale, a uncommon accomplishment successful the planetary fintech space.

Regarding the investment, DPI Partner Adefolarin Ogunsanya said, “Moniepoint continues to present innovation alongside sustained profitability. We’re arrogant to enactment its adjacent signifier of growth.”

The institution has precocious expanded its work offerings with products specified arsenic MonieWorld, a cross-border remittance level targeting the African diaspora successful the UK, and a bookkeeping instrumentality designed to enactment micro and tiny businesses successful managing their finances.

LeapFrog Investments Partner, Karima Ola, added, “This concern aligns with our imaginativeness to physique inclusive fiscal infrastructure crossed Africa. Moniepoint has demonstrated that commercialized occurrence and societal interaction tin spell manus successful hand.”

Meanwhile, participants successful the backing circular see Lightrock, Alder Tree Investments, Proparco, Swedfund, and Verod Capital Management. Financial Technology Partners served arsenic Moniepoint’s exclusive fiscal adviser.

Analysts person expressed that this superior infusion, Moniepoint is poised to further entrench its enactment successful the African fintech ecosystem, portion accelerating its efforts to present accessible, inclusive, and sustainable integer banking solutions astatine scale.