Moniepoint Raises $110M Series C for Digital Payments and Banking
Moniepoint, described as Africa's fastest-growing fintech, raised $110 million in a Series C round announced on October 29, 2024. The round was led by Development Partners International (DPI), with participation from Google's Africa Investment Fund, Verod Capital, and Lightrock. The funding will be used to scale the company's digital payments and banking infrastructure across African markets.
Moniepoint provides embedded financial services including payments, banking, and business management tools to merchants and SMEs. The investment reflects significant international investor confidence in African embedded finance infrastructure. The round positions Moniepoint to deepen its banking-as-a-service capabilities for underserved segments across the continent.
Financial inclusion remains a major growth driver for BaaS adoption in Africa.
- Signals strong investor conviction in African embedded finance and digital banking infrastructure
- Moniepoint's scale could accelerate BaaS model adoption for merchant and SME banking across the continent