Moniepoint Tops Up $200M Round, Acquires Sumac Bank

Moniepoint has closed its Series C at just over $200 million after topping up a prior $110 million tranche with an additional $90 million led by LeapFrog alongside Development Partners International, with participation from Visa, Google’s Africa Investment Fund and the IFC. The proceeds will accelerate expansion across Africa and into international markets including the UK and Kenya, support product growth such as MonieWorld remittances, and fund the company's recently approved acquisition of a 78% stake in Nairobi-based Sumac Microfinance Bank. Founded in 2015, Moniepoint serves more than 10 million active business and personal customers, offers payments, banking, remittance and bookkeeping tools, and processes over $250 billion in annual transaction value. The company says it is profitable at scale and is valued in excess of $1 billion. Moniepoint plans to deploy funds to deepen services for small and medium-sized enterprises and to expand into multiple African markets over the medium to long term.