Tosin Eniolorunda and Felix Ike, co-founders of Moniepoint Inc, have built one of Africa’s fastest-growing fintech companies, not despite their exclusively Nigerian education, but in many ways, because of it. Their journey from the lecture halls of Obafemi Awolowo University and the University of Lagos to the TIME100 Most Influential Companies list stands as a powerful testament to the caliber of talent nurtured within Nigerian universities and the transformative potential of locally-rooted vision.

Tosin Eniolorunda’s path

…exemplifies how Nigerian educational institutions can cultivate entrepreneurial excellence. After earning his degree in Mechanical Engineering from Obafemi Awolowo University, he didn’t follow the well-trodden path abroad but instead chose to build solutions for Nigerian challenges within Nigeria itself.

This decision proved prescient. Understanding the unique financial ecosystem and infrastructure gaps firsthand from the work at TeamApt Ltd where they were building from majority of the country’s banks, Tosin pioneered several industry firsts: introducing instant POS transfers to Nigeria, launching the country’s first virtual account services, and constructing a vertically integrated payments processing switch with full switching and processing licenses.

These feats and technological achievements must be viewed from the prism that these were deeply contextual innovations born from intimate knowledge of local needs, the kind of understanding that comes from being educated and embedded in the communities one serves.

Felix Ike’s contribution

…complements this vision with technical brilliance equally rooted in Nigerian educational excellence. Graduating with first-class honors in Computer Science from the University of Lagos, Felix brought to Moniepoint the kind of engineering rigor required to build mission-critical financial infrastructure.

As Chief Technology Officer, he has architected systems that are not just functional but scalable, resilient, and secure enough to serve over 10 million businesses and individuals across Nigeria and Africa.

His work demonstrates that Nigerian universities are producing software engineering leaders capable of building world-class technology that can compete on the global stage with technology that processes millions of transactions daily and underpins the financial dreams of an entire continent.

Since its founding in 2015, Moniepoint has evolved into Africa’s largest distributor of financial services in Nigeria, with presence across all 774 local government areas.

The company’s all-in-one financial ecosystem offering seamless payments, banking, credit, and business management solutions reflects a sophisticated understanding of what African businesses and individuals actually need to thrive.

The accolades have followed: recognition by TIME as one of the 100 Most Influential Companies in 2025, listing among CNBC’s top UK fintech firms, and ranking in the Financial Times’ Africa’s Fastest-Growing Companies for three consecutive years.

The Moniepoint story as an indigenously rooted but globally compliant player challenges prevailing narratives about where innovation must originate and what credentials are necessary for building transformative companies.

Tosin and Felix’s success illustrates that Nigerian universities, when their graduates are empowered with vision, opportunity, and determination, can produce founders who don’t just participate in the global economy but reshape it.

The investment reflects Moniepoint’s rapid growth, sustained profitability and proven impact, and will fuel its ongoing mission to power the financial dreams of millions of businesses and their customers across Africa and the global diaspora.

The round was led by Development Partners International’s African Development (ADP) III fund, with the final close anchored by LeapFrog Investments, a leading impact investor.

Other investors in the round include Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management.

Moniepoint is one of the few fintechs globally, and the first in Africa, to achieve profitability at unicorn scale while driving financial inclusion.

As Nigeria’s leading payments and digital banking platform, its customer base exceeds 10 million active businesses and personal banking customers, and it processes over US$250 billion in digital payments transaction value annually.

The proceeds of the round will be used to power the Company’s next phase of growth, enhancing its capacity to help African businesses and individuals realise their financial dreams and accelerating Moniepoint’s continued expansion across the continent and into international markets.

The closure of the funding round marks a highly successful period featuring notable product launches, such as MonieWorld, a remittance solution targeting the African diaspora in the United Kingdom and the launch of its integrated payment and bookkeeping solution designed to simplify business operations for micro, small, and medium-sized enterprises (MSMEs).

Moniepoint was ranked as one of Africa’s fastest-growing companies for the third consecutive year by the Financial Times and featured among CNBC’s list of the world’s top fintech companies in 2025.

Moniepoint Inc. (formerly TeamApt Inc.) was founded in 2015 by Tosin Eniolorunda and Felix Ike. Today, it is Nigeria’s leading business banking provider and a trusted financial platform for the country’s MSMEs.

Originally rooted in building payment infrastructure and solutions for banks, Moniepoint has considerably expanded its offerings to include digital payments, business and personal banking, credit, cross-border payments, and business management tools.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said:

“This is a proud day for Moniepoint, and I extend my sincere gratitude to the entire team for their tireless work to make this possible. We founded the Company out of a genuine passion to widen financial inclusion and to help African entrepreneurs realise their potential. That same passion drives the work we do today, and it is heartening to know it is shared by leading, global institutions.

“We will not rest on our laurels. The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story, with financial happiness for Africans everywhere remaining our ultimate goal.”

Adefolarin Ogunsanya, Partner at Development Partners International, commented:

“Since leading the first close of this landmark Series C, we have seen Moniepoint reach new heights – delivering innovation alongside sustained growth and profitability. DPI is proud to have anchored this round, reaffirming our conviction and support for the business and its leadership team. We continue to be impressed by Moniepoint’s powerful combination of commercial success and its impact on financial inclusion, and look forward to our continued partnership with Tosin and his team as they scale further in Nigeria, across Africa and beyond.”

Karima Ola, Partner at LeapFrog Investments, added:

“MSMEs are the heartbeat of African economies – creating the majority of jobs and driving innovation. However, the vast majority have no access to digital banking and formal credit. Moniepoint has become an indispensable partner to MSMEs by empowering them with the digital tools and trust they need to transact, grow, and employ others at scale.

“At LeapFrog, our vision is to support the ongoing evolution of Africa’s financial infrastructure – where global digital payment ecosystems are well connected; cross-border payments are smooth, safe and affordable; and SMEs have seamless access to credit, digital payments, and the wider suite of financial tools they need to thrive. Our investment in Moniepoint epitomises that vision.”

Farid Fezoua, Global Director for Disruptive Technologies, Services, and Funds at IFC, said:

“IFC has extensive experience in investing in technology-driven startups that help businesses process and accept payments in emerging markets. We look forward to supporting Moniepoint’s effort to increase the adoption of digital payments among MSME retailers in Nigeria, a segment underserved by banks and other traditional financial institutions. Moniepoint provides competitively priced point-of-service devices, as well as a modern platform enabling MSMEs to access loans, bookkeeping, and several other offerings. This allows merchants to grow their business and create more jobs in a sector considered the backbone of Nigeria’s economy, where cash is still predominant.”

This latest capital raise sees Moniepoint expand its roster of blue-chip investors which already comprises institutions including QED Investors, Novastar Ventures, Lightrock, FMO, British International Investment, Global Ventures, Endeavor Catalyst, and New Voices Fund.

Financial Technology Partners acted as exclusive financial and strategic advisor to Moniepoint in this transaction.

It will be recalled that the Series C round’s first close announcement took place in October 2024.