Nigerian fintech unicorn, Moniepoint Inc., has successfully closed an additional US$90 million in its Series C funding round, bringing the total raised to US$200 million. This new capital will fuel its aggressive expansion, particularly into East Africa, following significant regulatory advancements.

• The Series C round saw participation from multiple investors including Development Partners International’s African Development (ADP) III fund, LeapFrog Investments, and Google’s Africa Investment Fund.
• Moniepoint was founded in 2015 by Tosin Eniolorunda and Felix Ike, currently serving over 10 million customers and processing more than US$250 billion in annual transaction value.
• A key strategic move includes the approved 78% acquisition of Sumac Microfinance Bank in Kenya, aiming for a foothold in Kenya’s US$67.3 billion mobile payments market.