Moniepoint Secures $110M Funding Boost from Google and Partners

Moniepoint, a fast-growing Nigerian fintech startup, has secured $110 million in Series C funding, with backing from a Google-affiliated African investment fund and Development Partners International LLP. The fresh capital injection aims to fuel Moniepoint’s plans for cross-border remittances and entry into French-speaking African markets, according to the company’s founder and CEO, Tosin Eniolorunda.

Moniepoint has rapidly expanded within Nigeria, capitalizing on the central bank’s drive toward a cashless economy amid the growing need for secure digital transactions. Eniolorunda confirmed the startup is now pursuing approvals to initiate international remittance services, a key step in delivering comprehensive banking solutions across the continent. “We want to deploy banking to other countries,” he shared in a recent interview, describing their vision for broader market integration.

This latest funding round elevates Moniepoint’s valuation to “unicorn” status, surpassing the $1 billion mark, according to sources cited by The Financial Times. The achievement aligns Moniepoint with other high-value Nigerian tech players like Flutterwave, OPay, and Jumia, all of which have leveraged Nigeria’s dynamic market to achieve notable growth.

Founded in 2015, Moniepoint processes around 800 million transactions monthly, valued at approximately $17 billion. Beyond current offerings, the company plans to introduce inventory management solutions to enhance its services, which already include debit cards, savings, lending, and payment capabilities, according to Eniolorunda.

This strategic funding supports Moniepoint’s mission to advance digital financial inclusion and strengthen its footprint across Africa.