Moniepoint raises $200m funding to power financial inclusion

 Digital fiscal institution, Moniepoint Inc., says it has raised implicit 200 cardinal dollars successful equity financing successful a precocious closed Series C backing circular to heighten fiscal inclusion.

A connection by the steadfast connected Tuesday said the landmark backing circular highlights and accelerates Moniepoint’s momentum.

It said the concern reflects Moniepoint’s accelerated growth, sustained profitability, proven impact, and drives its ngo to accelerate fiscal dreams of businesses and customers crossed Africa, and the planetary diaspora.

According to the firm, the circular was led by Development Partners International’s African Development (ADP) III fund, with important information from LeapFrog Investments, a starring interaction investor.

Other investors successful the circular see Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.

Moniepoint is 1 of the fewer fintechs globally, and the archetypal successful Africa, to execute profitability astatine unicorn standard portion driving fiscal inclusion.

The proceeds of the circular volition beryllium utilized to powerfulness the company’s adjacent signifier of growth.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., extended gratitude to the full Moniepoint squad for their tireless enactment that made the accomplishment possible.

“We founded the institution retired of a genuine passionateness to widen fiscal inclusion and to assistance African entrepreneurs realise their potential.

“That aforesaid passionateness drives the enactment we bash today, and it is heartening to cognize it is shared by starring planetary institutions.

“We volition not remainder connected our laurels. The proceeds from our landmark Series C volition beryllium deployed judiciously to make adjacent much momentum arsenic we participate the adjacent section of Moniepoint’s story, with fiscal happiness for Africans everyplace remaining our eventual goal,” helium said.

Also, Adefolarin Ogunsanya, Partner astatine Development Partners International (DPI), said since the archetypal adjacent of the landmark Series C, Moniepoint had grown to heights, delivering innovation alongside sustained maturation and profitability.

“DPI is arrogant to person anchored this round, reaffirming our condemnation and enactment for the concern and its enactment team.

“We proceed to beryllium impressed by Moniepoint’s almighty operation of commercialized occurrence and its interaction connected fiscal inclusion,” Ogunsanya said.

He expressed anticipation for advancement and continued concern with Eniolorunda and his squad arsenic they upscale  further successful Nigeria and crossed Africa.

Karima Ola, Partner astatine LeapFrog Investments, said MSMEs are the heartbeat of African economies, creating the bulk of jobs and driving innovation, but astir having nary entree to integer banking and ceremonial credit.

“Moniepoint has go an indispensable spouse to MSMEs by empowering them with the integer tools and spot they request to transact, grow, and employment others astatine scale,”  helium said.

Ola explained the imaginativeness of LeapFrog to enactment the ongoing improvement of Africa’s fiscal infrastructure with good connected integer outgo ecosystems, creaseless cross-border payments, and seamless recognition entree for SMEs growth.

“Our concern successful Moniepoint epitomises that vision,” helium said.

Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds astatine IFC, explained the firm’s acquisition successful investing successful technology-driven startups that assistance businesses process and judge payments successful emerging markets.

“We look guardant to supporting Moniepoint’s effort to summation the adoption of integer payments among MSME retailers successful Nigeria, a conception underserved by banks and different accepted fiscal institutions.

“Moniepoint provides competitively priced point-of-service devices, arsenic good arsenic a modern level enabling MSMEs to entree loans, bookkeeping, and respective different offerings.

“This allows merchants to turn their concern and make much jobs successful a assemblage considered the backbone of Nigeria’s economy, wherever currency is inactive predominant,” helium said.