Key Takeaways
- Transaction volume: Moniepoint processes over $250 billion a year in POS transactions, serving more than 10 million active businesses and customers in Nigeria.
- Institutional investors: the Series C round, which surpassed $250 million in total funding, brought in Visa, Google, the International Finance Corporation, and Proparco.
- Profitability at scale: 2023 revenue reached $264 million, with growth exceeding a 150% CAGR, even as funding for African startups fell by 38%.
Moniepoint handles the bulk of POS transactions in Nigeria, the largest market on the African continent. Founded in 2015 in Lagos by Tosin Eniolorunda and Felix Ike under the name TeamApt, the company now processes over $250 billion in annual volume and counts more than 10 million active businesses and customers.
Infrastructure for micro-businesses
Nigeria is home to tens of millions of micro-businesses, many operating in areas where traditional banks have no physical branches. Moniepoint built a network of banking agents equipped with POS terminals that functions as an extension of the national banking system. During the 2023 cash crisis, when traditional banks showed operational cracks, Moniepoint's infrastructure kept running, cementing trust among merchants.
Visa invested in the company to accelerate financial inclusion for African small and medium businesses, joining Google, the International Finance Corporation, and Proparco on the cap table.
Revenue and growth
Moniepoint is the first African fintech to achieve profitability at unicorn scale. 2023 revenue hit $264 million, growing at more than a 150% CAGR. In 2025 the company closed a round of over $200 million, pushing total Series C funding above $250 million, even as funding for African startups contracted by 38%. For three consecutive years the Financial Times ranked Moniepoint among Africa's fastest-growing companies, with an absolute growth rate of 7,979%.
From payment infrastructure to full-service bank
Starting as an infrastructure provider for banks, Moniepoint added merchant accounts, then credit — disbursing $1.4 billion in loans by 2022 —, then expense management, and finally integrated bookkeeping through Moniebook. In 2023 it entered personal banking, growing 2,000% in a single year. Today it manages roughly 20 million accounts across businesses and individuals.
Expansion continues in Kenya with the acquisition of Sumac Microfinance Bank, in remittances through MonieWorld for the African diaspora in the United Kingdom, and with an FCA license to operate in Europe.
The business model
Moniepoint solved operational problems the industry had long neglected: payment reconciliation, automated refunds within 24-48 hours instead of the previous 5-10 days, and connectivity in remote areas. Karima Ola, partner at LeapFrog Investments, called micro and small businesses "the heartbeat of African economies," noting that most of them lack access to formal credit.
