Total amount raised
$233.1 Millions
Latest funding date
Location
Moniepoint has successfully raised significant funding to support its financial technology platform, which offers comprehensive banking and payment solutions for businesses. The company provides a range of services, including mobile banking, credit, and business management tools.
Keep reading to explore the intricacies of Moniepoint's fundraising journey and the investors backing this innovative platform.
What Is Moniepoint?
Moniepoint, founded in June 2015 by Felix Ike and Tosin Eniolorunda, is a financial technology company based in London, England. The company specializes in providing comprehensive banking and payment solutions tailored for businesses, including mobile banking, credit, and business management tools. With a workforce of 1001-5000 employees, Moniepoint continues to innovate and expand its services to meet the evolving needs of its clients.
How Much Funding Has Moniepoint Raised?
- Seed Round
- Amount Raised: $2.8M
- Date: February 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial product offerings.
- Series A
- Amount Raised: $5.5M
- Date: February 2019
- Lead Investors: Quantum Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform's capabilities.
- Series A
- Amount Raised: $9.8M
- Date: December 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase market penetration.
- Series B
- Amount Raised: $30M
- Date: July 2021
- Lead Investors: Novastar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and expand service offerings.
- Series B
- Amount Raised: $20M
- Date: October 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance technological infrastructure.
- Debt Financing
- Amount Raised: $5M
- Date: June 2022
- Lead Investors: British International Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support working capital needs and operational expenses.
- Series C
- Amount Raised: $50M
- Date: August 2022
- Lead Investors: Novastar Ventures, QED Investors
- Valuation at Round: $400M
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Series C
- Amount Raised: $110M
- Date: October 2024
- Lead Investors: Development Partners International
- Valuation at Round: $1B
- Motivation Behind the Round: To expand digital payment and banking solutions across Africa.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: January 2025
- Lead Investors: Visa
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To form strategic partnerships and enhance service offerings.
Moniepoint has raised a total of $233.1M in funding. The current valuation is $1B.
Key Investors
- Development Partners International (DPI)
- Details: DPI is a private equity firm focused on Africa, managing over $3 billion in assets. Founded in 2007, DPI aims to drive growth and positive impact across the continent.
- Investment Focus Areas: High-growth companies, impact-driven businesses, innovation-led sectors.
- Notable Investments: DPI’s ADP funds have completed 32 investments in 25 companies across Africa.
- Google’s Africa Investment Fund
- Details: This fund by Google supports African startups to drive digital transformation and economic growth. It aims to foster innovation and technological advancement on the continent.
- Investment Focus Areas: Technology, innovation, digital transformation.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- Verod Capital
- Details: Verod Capital is a private equity firm that invests in high-growth companies in West Africa. The firm focuses on market leadership and transformative social impact.
- Investment Focus Areas: Financial services, consumer products, education.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- Lightrock
- Details: Lightrock is a global impact investment firm that supports businesses creating economic opportunities and driving social progress. The firm focuses on sustainable growth sectors.
- Investment Focus Areas: Digital payments, banking, business management tools.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- British International Investment
- Details: The UK’s development finance institution, investing in businesses and projects in Africa and South Asia. It aims to support economic development and improve lives.
- Investment Focus Areas: Infrastructure, financial services, healthcare.
- Notable Investments: Specific notable investments are not mentioned in the sources.
What's Next for Moniepoint?
Moniepoint stands at the cusp of significant growth opportunities, particularly in expanding its digital payment and banking solutions across Africa. With a robust platform processing over 800 million transactions monthly, the company is well-positioned to penetrate new markets, including Francophone African countries. The recent $110 million Series C funding round underscores the potential for further expansion and innovation, supported by high-profile investors like Google's Africa Investment Fund and Development Partners International.
Future fundraising efforts seem promising as Moniepoint continues to scale its operations and introduce new services such as cross-border remittances and inventory management. However, the company must navigate regulatory challenges and intense competition from other fintech firms. Ensuring platform security and managing rapid growth will be crucial as Moniepoint aims to maintain its market leadership and drive financial inclusion across the continent.
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