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African fintech company, Moniepoint has secured funding of over $10 million from Visa, bringing its Series C raise to an excess of $120 million. The digital payment company explained that the investment will drive financial inclusion and strengthen small and medium-sized enterprises (SMEs) development across Africa.
Visa’s investment underscores the platform’s position and potential in Nigeria’s card value chain, particularly as a major issuer and acquirer. Moniepoint operates across electronic transfers, ATMs, POS devices, mobile agents, and web payments.
Moniepoint CEO, Tosin Eniolorunda while speaking with TechCrunch said the investment would help the fintech company grow in payment service and expand its operations.
Image Credits: Moniepoint
“We’re present in Nigeria today, leading the chart in merchant acquiring and consumer banking. With Visa as our investor, we can strategically collaborate to continue to grow the payment ecosystem and expand to more countries, which is a key goal for us,” he said.
Following its investment, Visa will join Moniepoint’s board. Other prominent backers in the fintech include Development Partners International, Google’s Africa Investment Fund, QED Investors, and British International Investment (BII), among others.
With its monthly transaction volume exceeding 1 billion, Moniepoint’s total payment value now tops $22 billion, signifying a growth of over 25% in under three months. Ever since Nigeria’s cashless drive rose in 2023, the fintech platform has leveraged the platform to stand as a significant instrument that shapes the future of digital payment in Nigeria.
The fintech company’s October funding was also backed by QED Investors, British International Investment (BII), and Endeavor Catalyst, and has raised over $180 million since its launch in 2015.
The round made Moneypoint a unicorn — a private company with a valuation of $1 billion or more. African fintech was last valued at slightly over $800 million two years ago.
