Moniepoint secures additional funding after $110m raise

• Published On: 23 January 2025 at 19:09

Visa has invested in Moniepoint Inc., Nigeria's most recent unicorn, just months after the company raised $110 million to reach this milestone.

While the exact amount of Visa's investment is unknown, the company intends to support Moniepoint's mission to empower businesses and accelerate its expansion throughout Africa.

Visa is also committed to promoting financial inclusion and shaping the future of digital payments for small and medium-sized enterprises across the continent.

Visa's undisclosed investment aims to support Moniepoint's mission of empowering businesses while also driving the company's growth and expansion throughout Africa. The investment also aligns with Visa's mission to advance financial inclusion and shape the future of digital payments for small and medium-sized businesses (SMEs) across the continent.

Visa joins a distinguished group of Moniepoint investors that includes Development Partners International, Google's Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures, and Endeavour Catalyst.

Tosin Eniolorunda, the founder and group CEO of Moniepoint Inc., stated, "Visa's support is a strong endorsement of our vision to digitise and support African businesses at scale. Together, we hope to increase financial inclusion by providing SMEs with the tools and resources they need to thrive in an increasingly digital economy.

He stated that approximately 83 percent of employment in Africa is in the informal economy.

The startup's goal is to increase access to the formal financial system and participation, thereby driving economic growth across the continent.

"We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa," according to him.

Andrew Torre, Visa's regional president for Central and Eastern Europe, the Middle East, and Africa, stated, "Visa's investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa." We will help even the smallest businesses thrive by providing innovative payment and software solutions that allow SMEs to scale and create new revenue opportunities while streamlining their operations."