Nigeria’s fintech unicorn, Moniepoint, has secured $90 million in additional cash to extend its footprints beyond its home country into the UK and Kenya in a capital raise taking its latest funding round to $200 million.
The digital bank, established ten years ago by software engineer and entrepreneur, Tosin Eniolorunda, had earlier sourced $110 million from investors in October 2024 in the first phase of its Series C round.
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“We have seen more interest coming slowly from global investors, especially those that have seen other emerging markets, willing to underwrite the African growth story,” Ross Strike, the company’s senior vice president said in an interview according to a Bloomberg report on Tuesday.
Moniepoint plans to deploy the fund to scale up operations in Nigeria expand into UK and Kenya, he added.
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Private equity and institutional investors comprising Visa, Alphabet Inc.’s Google Africa Investment Fund, Development Partners International LLP and Leapfrog partook in the round, Mr Strike went further to say.
Moniepoint’s latest capital raise now values the company in excess of $1 billion, though the Moniepoint top executive did not mention the exact valuation.
The company’s offering encompasses payments, banking, and remittance services. Today, it has above 10 million active business and personal banking customers.
According to the senior vice president, it processes more than $250 billion in annual transactions, with most revenue coming from Nigeria. Over the medium to long term, Moniepoint aims to operate in five African countries.
As part of its African expansion push, Moniepoint recently got a key regulatory approval to acquire a 78 per cent controlling stake in Nairobi-based Sumac Microfinance Bank Limited in June 2025.
Moniepoint has been a core part of the digital banking wave in Nigeria, powering Africa’s young and fast-growing population’s shift towards technology-driven financial services.
It gained unicorn status – the league of tech-driven start-ups with a minimum valuation of $1 billion – last year after the Series C round.
