African fintech company Moniepoint has secured new funding to expand its footprint globally.

As AFROTECH™ previously reported, the company, founded by CEO Tosin Eniolorunda and Chief Technology Officer Felix Ike, offers banking accounts, loans, expense cards, instant payouts, and accounting and bookkeeping solutions.

According to information shared with AFROTECH™, the company has processed more than $250 billion in transactions annually for more than 10 million business and personal banking customers. The company said it “is one of the few fintechs globally, and the first in Africa, to achieve profitability at unicorn scale while driving financial inclusion,” in a press release.

Moniepoint has officially closed its Series C round, amounting to over $200 million in equity financing. The round was led by Development Partners International’s African Development (ADP) III fund, with LeapFrog Investments joining for the final close, the press release confirmed.

Lightrock, Alder Tree Investments, Google’s Africa Investment Fund, Visa, the International Finance Corporation (IFC), Proparco, Swedfund, and Verod Capital Management also participated in the round. The Series C round will enable the company to expand across the continent and into international markets as it seeks to empower its users’ financial health.

“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,” Tosin Eniolorunda, founder and group CEO of Moniepoint Inc., said in the press release.

“We founded the Company out of a genuine passion to widen financial inclusion and to help African entrepreneurs realize their potential. That same passion drives the work we do today, and it is heartening to know it is shared by leading, global institutions,” Eniolorunda continued.

“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,” he added.

Karima Ola, partner at LeapFrog Investments, commented:

“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.”