Moniepoint raises $90m, targets UK-Nigeria remittance market
Nigerian fintech firm Moniepoint has raised $90 million in new funding as it expands into the UK remittance market, completing a $200 million Series C round that values the company at about $1 billion.
The new capital will help the company scale its MonieWorld money transfer platform, launched this week to serve Nigerians in the UK sending funds home. It marks Moniepoint’s first major step in building a wider financial services business for the diaspora.
In a statement, Moniepoint said it plans to use the platform to “give users the ability to send, spend, and save money” without becoming a regulated bank in the UK. “Remittance is a need being met by many, but we are not seeing that as the only need the diaspora has,” said Ravi Jakhodia, CEO of Moniepoint’s UK business. “We’re creating an ecosystem that grows with user behaviour and demand.”
Founded just five years ago, Moniepoint has become one of Nigeria’s most dominant payment infrastructure providers. Its handheld point-of-sale (POS) devices — now a common sight in kiosks, markets, and malls — handle cash deposits, withdrawals, and card payments for millions of merchants. Combined with its personal banking app, the company said its network serves over 10 million individuals and businesses and processes more than $250 billion in annual digital transaction value.
Moniepoint’s expansion into cross-border transfers began in April, starting with the UK-Nigeria corridor, which accounts for one of the largest remittance flows into Africa. According to the Central Bank of Nigeria, the country received nearly $21 billion in overseas remittances in 2024, a 9% increase from the previous year.
Jakhodia said that while the remittance sector appears increasingly competitive — with rivals such as Flutterwave, Juicyway, and LemFi all active in the space — Moniepoint sees opportunity in integrating more financial services over time. “Our goal is to provide a single platform where users can manage their financial lives across borders,” he said.
The fundraising also highlights the continued strength of African fintech, which accounted for roughly one-third of the $2.2 billion in venture funding secured across the continent so far in 2025, according to Africa: The Big Deal, a funding tracker.
Moniepoint’s latest round follows a $110 million raise in 2024, which included participation from Google’s Africa Investment Fund and a strategic investment from Visa. The company’s Series C funding now brings its total external capital to about $200 million, underscoring its rapid ascent in Africa’s digital finance ecosystem.
Nigeria’s growing migration to the UK underpins the company’s expansion strategy. The UK’s 2021 census counted roughly 270,000 Nigerians, but new migration data shows that number has surged, with Nigerian long-term arrivals rising from 48,000 in 2021 to 141,000 by 2023, second only to India among non-EU nationalities.
Moniepoint’s UK arm aims to tap that growing base, offering lower-cost, faster remittances and eventually branching into bill payments, savings, and other digital financial services. “We believe the trust we’ve built in Nigeria gives us an edge in serving the diaspora,” Jakhodia said.
The company says it currently processes over 800 million transactions worth more than $17 billion through its payments network, and it intends to leverage this experience as it enters the cross-border market.
As Africa’s fintech ecosystem matures, Moniepoint’s move into international remittances signals a new phase for Nigerian payment companies — one where they are not only serving domestic merchants but also connecting Africa’s global communities to their home economies.
*Some part of this report was taken from Semafor Africa.
