Moniepoint processes over 800 million transactions monthly. Credit: ITTIGallery/Shutterstock.

Nigerian fintech company Moniepoint has secured $110m in a Series C funding round to expand its digital payment and banking solutions across Africa.

The funding round was led by Development Partners International’s African Development Partners III fund.

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New investors Google’s Africa Investment Fund and Verod Capital, along with existing investor Lightrock also contributed to the fundraise.

This infusion will be channelled towards fast-tracking Moniepoint’s growth across Africa.

The company aims to create an integrated platform for businesses of all sizes, offering services such as digital payments, banking, foreign exchange, credit, as well as business management tools.

Moniepoint founder and group CEO Tosin Eniolorunda 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 speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential.”

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Established in 2015, Moniepoint is engaged in providing infrastructure and payment solutions to financial institutions.

The company processes over 800 million transactions monthly, with a total value exceeding $17bn.

It forayed into the personal banking space last year through its subsidiary, Moniepoint Microfinance Bank.

Verod Capital managing partner Danladi Verheijen said: “Our investment in Moniepoint aligns with our mission to back high-growth companies that drive both market leadership and transformative social impact.

“By supporting Moniepoint’s ambitious expansion, we are advancing financial access and unlocking the potential of underserved markets, fostering widespread economic empowerment.”

Financial Technology Partners was the exclusive financial and strategic advisor to Moniepoint during the capital raise.