Moniepoint raises $110m in Series C equity financing
DPI’s African Development Partners III leads the first close, joined by Google’s Africa Investment Fund, Verod Capital and Lightrock.
Moniepoint announced a $110 million Series C equity financing on October 29, 2024. African Development Partners III, managed by Development Partners International, led the investment. Google’s Africa Investment Fund and Verod Capital joined, alongside existing investor Lightrock.
At the announcement, Moniepoint said it served more than two million businesses and processed over $17 billion in transactions each month while operating profitably. The investment followed its expansion from merchant payments into personal banking through Moniepoint Microfinance Bank.
Use of funds
Expand across Africa and develop integrated payments, banking, foreign exchange, credit and business management services.