Development Partners International (DPI), a leading private equity firm, has reinforced its commitment to African financial technology (FinTech) by investing in Moniepoint, one of the continent’s fastest-growing FinTech companies. DPI co-invested with Verod Capital Management (Verod) in this significant funding round for the Nigerian business banking provider.
Moniepoint is rapidly transforming business banking in Nigeria and across Africa. The FinTech platform currently processes over 800 million transactions monthly, totaling more than US$17 billion in value. Its innovative solutions are recognized for significantly boosting financial inclusion in a region where access to financial services remains a critical challenge.
This Series C investment was spearheaded by DPI’s African Development Partners (ADP) III fund, a prominent fund dedicated to African investments. The funding round also attracted new investment from Google’s Africa Investment Fund and Verod Capital Management, another key African private equity player. Existing investor Lightrock, a global impact firm, also participated, demonstrating continued confidence in Moniepoint’s trajectory.
The newly secured capital is earmarked to fuel Moniepoint’s ambitious expansion across Africa. The company aims to develop a comprehensive, seamlessly integrated platform tailored for African businesses of all sizes. This all-in-one platform will encompass a suite of essential services, including digital payments, banking solutions, foreign exchange (FX) services, credit facilities, and business management tools, effectively creating a one-stop-shop for diverse business needs.
Norton Rose Fulbright, a global law firm, provided legal counsel to DPI and Verod on this cross-border investment. The Norton Rose Fulbright team was led by partner Bayo Odubeko and included support from lawyers based in London, San Francisco and New York, highlighting the international nature of the deal and the firm’s global Africa practice.
Norton Rose Fulbright is recognized as a Tier 1 firm for FinTech legal services, underscoring their expertise in advising on transformative technology and digital infrastructure transactions across Africa. Their involvement in this investment further emphasizes the significance of Moniepoint’s growth potential and DPI’s strategic investment in the African FinTech landscape.
