Nigerian fintech unicorn, Moniepoint Inc., has announced a strategic investment from Visa Inc., the global digital payments giant. This funding comes just three months after Moniepoint successfully raised $110 million in a Series C funding round led by Development Partners International’s ADP III fund, with participation from notable investors like Google’s Africa Investment Fund and Verod Capital.
While the investment amount from Visa is confidential, it clearly demonstrates that Moniepoint is a leading force in African fintech. This backing will fuel Moniepoint’s expansion and solidify its commitment to empowering small and medium-sized enterprises (SMEs) throughout the continent.
Driving Financial Inclusion and SME Growth in Africa
Visa’s investment shows its commitment to advancing financial inclusion, promoting digital payments, and driving economic growth across Africa. Visa has cemented its position as a key player in Nigeria’s thriving fintech ecosystem by investing in the country’s three locally-founded unicorns: Interswitch, Flutterwave, and Moniepoint.
In 2019, Interswitch achieved unicorn status following Visa’s minority stake acquisition. The global payments leader later participated in Flutterwave’s $35 million Series B funding in 2020. Visa also backed Paystack, another prominent Nigerian fintech now owned by Stripe, during its Series A funding round in 2018.
A statement from Visa highlighted that this partnership aligns with its mission to enable SMEs to thrive by providing them with innovative tools and resources.
Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., praised Visa’s support, describing it as a “strong endorsement” of the company’s vision. He emphasized that their collaboration will deepen financial inclusion and empower African businesses to participate in an increasingly digital economy.
“About 83% of employment across Africa is in the informal economy,” Eniolorunda explained. “We are keen to widen access and participation in the formal financial system to drive economic growth across the continent.”
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint—formerly known as TeamApt—has rapidly grown to become a cornerstone of financial services for African SMEs. The platform provides an integrated suite of solutions, including digital payments, bank accounts, credit services, and business management tools.
Moniepoint’s impact is evident in its performance metrics:
- The platform processes over 1 billion transactions monthly, with a total payments volume exceeding $22 billion.
- Revenue has surged by over 150% CAGR (Compound Annual Growth Rate) in recent years.
Visa’s Perspective on the Partnership
Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa, expressed confidence in Moniepoint’s potential to revolutionize SME operations in Africa.
“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development,” Torre said. “We are excited to support their next phase of growth and innovation.”
Torre also emphasized Visa’s dedication to advancing digital economies in Africa, noting that the partnership with Moniepoint would help even the smallest businesses scale, streamline operations, and unlock new revenue opportunities.
Africa’s fintech industry is growing rapidly, fueled by innovations that address the financial inclusion gap. Moniepoint’s partnership with Visa highlights how global companies can collaborate with local fintechs to create scalable solutions tailored to the needs of SMEs.
As part of its growth strategy, Moniepoint has relocated its headquarters from Lagos to London, establishing itself as a global fintech leader while staying committed to fostering economic development in Africa.
Visa’s investment in Moniepoint is a significant milestone for both companies and the broader African fintech ecosystem.
