MoneyPoint Inc., Africa’s fastest growing financial institution, has successfully raised US$110 million in equity financing to fuel the dreams of millions of businesses and their customers across Africa and the Diaspora. MoneyPoint's extraordinary contribution to Nigeria's financial services sector has been widely acknowledged with a remarkable track record of serving customers across Africa.
Founded in 2015 by Tosin Anyolorunda and Felix Ike, MoneyPoint (formerly known as TeamApt) which initially focused on providing infrastructure and payment solutions for banks and financial institutions, has become Nigeria's leading business banking provider. Trusted by millions of businesses. Every month, MoneyPoint processes over 800 million transactions, with a monthly total value of over US$17 billion – all the while operating profitably.
The Series C investment was led by Development Partners International's African Development Partners (ADP) III Fund – a leading fund focused on Africa. Other new investors include Google's Africa Investment Fund and Verode Capital – a leading African private equity firm. Global impact firm LightRock, an existing investor, also participated in the funding round.
The capital raised will be used to accelerate MoneyPoint's growth across Africa, creating an all-in-one, seamlessly integrated platform for African businesses of all sizes. The platform will include services such as digital payments, banking, foreign exchange (FX), credit and business management tools, making it a one-stop shop for business solutions.
MoneyPoint's financial inclusion efforts support initiatives by many African governments to increase access to the formal financial system and drive economic growth – a critical need. 83% of employment across Africa is in the informal economy. MoneyPoint's positive impact towards financial inclusion was recognized by the Central Bank of Nigeria in 2022, when it received the National Inclusive Payments Initiative Award.
Tosin Anyolorunda, Founder and Group CEO of MoneyPoint Inc., said: “Our mission is to help our customers solve their challenges by making our platform more innovative, transparent and secure. The proceeds from this raise will accelerate our efforts to advance financial inclusion and support Africa's entrepreneurial capacity. I would like to sincerely thank the entire MoneyPoint team for making this achievement possible. We are encouraged by the diversity and sheer number of people who have valued our platform and the services we provide to help create financial well-being. But, we are just getting started, because it's only the first day from here.”
In this latest capital raise – DPI, Google's Africa Investment Fund, and Verode join MoneyPoint's existing blue-chip investors such as QED Investors, Novastar Ventures, LightRock, British International Investments, Global Ventures, Endeavor Catalyst, and New Voices Fund .
Speaking about the rationale for their investment, Adefolarin Ogunsanya, Partner at Development Partners International, said “We are delighted to lead this investment round in MoneyPoint, one of Africa’s most exciting and fastest growing companies Is. A profitable business led by an excellent leadership team with a clear strategic vision, MoneyPoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for disadvantaged businesses and individuals across Africa. DPI has a long track record of supporting businesses like MoneyPoint to achieve their next stage of scale. The combination of the company's innovative technology, rapid growth and positive impact on the continent reinforces our confidence in its future success. We look forward to working closely with Tosin and his talented team to expand MoneyPoint's customer base by providing first-class banking and payments services to businesses and individuals.
The investment confidence of DPI, Google's Africa Investment Fund, Verode and LightRock is a testament to MoneyPoint's impact and its game-changing potential to boost economic activity and growth through digital and financial inclusion. As Africa's all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit and business management tools, MoneyPoint is Nigeria's largest merchant acquirer through its subsidiaries. , which is currently processing the majority of point of sale (POS) transactions in Nigeria through its subsidiaries with a monthly TPV of $17 billion. In August 2023, MoneyPoint entered the personal banking market and has experienced 2,000% growth in personal finance customers over the past year, while its revenue has grown at a 150% CAGR in recent years with industry-leading gross profit and EBITDA margins. Has increased by more than.
It would be recalled that for the third consecutive year, MoneyPoint Inc. was recently listed as one of the 100 most promising private fintech companies of 2024 in the seventh edition of the annual CB Insights Fintech 100 list. CB Insights is considered. Top industry analysts as the most trusted source for technology market insights.
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