Less than three months after announcing a $110 million Series C round, Nigerian fintech Moniepoint has announced a strategic investment from Visa. British private equity firm Development Partners International led that round with Google’s Africa Investment Fund, Verod Capital, and Lightrock joining.
While Moniepoint did not disclose the funding amount, TechCrunch reports that the fintech received over $10 million from Visa. The startup is also reportedly in talks with other investors as it looks to raise more funds.
“Visa’s backing is a strong endorsement of our vision to digitise and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy,” Moniepoint CEO Tosin Eniolorunda said.