Moniepoint raises $110M in first close of Series C led by Development Partners International

In October 2024, Moniepoint announced the first close of its Series C round, raising $110 million led by Development Partners International (DPI) through its African Development Partners III fund. New investors included Google’s Africa Investment Fund and Verod Capital, with participation from existing investor Lightrock. The round valued the company at $1 billion post-money, marking it as Africa’s newest unicorn.

The capital is intended to accelerate geographic expansion across Africa (including entry into Kenya via acquisition), deepen product offerings into an all-in-one platform covering digital payments, banking, foreign exchange, credit, and business management tools, and support further growth in remittances and services for the diaspora. This followed strong operational performance, with the company reporting profitability, over 150% revenue CAGR in recent years, monthly transaction volumes exceeding 800 million with a value of over $17 billion at the time, and industry-leading margins.

The Series C was later extended in 2025 with an additional ~$90M from investors including LeapFrog Investments, Visa, IFC, and others, bringing the total round to over $200M while maintaining unicorn valuation. Moniepoint continues to focus on serving the informal sector, which accounts for the majority of employment in Africa.

Moniepoint (formerly TeamApt) provides an integrated financial ecosystem for small and medium-sized businesses and individuals across Africa. It is Nigeria's largest merchant acquirer and in-person payments platform, powering the majority of POS transactions in the country through a network of agents and digital tools. The company offers business and personal banking accounts, digital payments, credit, foreign exchange, remittances, bookkeeping, and other management services via its app and infrastructure.

It serves over 10 million active business and personal banking customers and processes billions of transactions annually with reported annual transaction value exceeding $250 billion in recent updates. The company operates profitably at scale and has expanded beyond Nigeria into other African markets (including Kenya) and international remittance corridors targeting the diaspora. Its business model combines technology infrastructure for banks with direct-to-business and consumer financial services, focusing on the informal sector and financial inclusion.