The $290 Million Question: Who Really Owns Moniepoint After Its Series C Deal?

The $290 Million Question: Who Really Owns Moniepoint After Its Series C Deal?

LAGOS, NIGERIA – December 14, 2025

Moniepoint Inc., one of Nigeria’s most prominent fintech companies, has secured an additional $90 million to close its Series C funding round at about $200 million, pushing its total disclosed fundraising to approximately $290 million. The round, which attracted major global investors including Development Partners International (DPI), LeapFrog Investments, Visa, Google’s Africa Investment Fund and the International Finance Corporation (IFC), has further elevated Moniepoint’s status as one of Africa’s most valuable fintech firms.

Formerly known as TeamApt, Moniepoint has built a strong reputation in Nigeria’s payments and financial services ecosystem, particularly among small and medium-sized businesses. The company has repeatedly described the latest funding as a vote of confidence in its profitability, technology and long-term vision for financial inclusion across Africa.

However, the scale and structure of the deal have also sparked renewed debate within the tech and policy community about ownership, control and the long-term implications for Nigeria’s fintech landscape.

Ownership and Founder Control Under Scrutiny

Industry analysts note that large late-stage funding rounds led by international institutional investors often come with significant equity dilution for founders and early local shareholders. While Moniepoint has not publicly disclosed its updated cap table, market observers suggest that co-founder and Group CEO, Tosin Eniolorunda, may now hold a reduced, potentially non-controlling stake in the parent company, Moniepoint Inc.

Such outcomes are not unusual in venture-backed technology companies at this stage, where founders transition from majority owners to professional managers working alongside investor-dominated boards. Still, critics argue that this shift complicates the narrative of Moniepoint as a fully Nigerian-owned fintech success story.

Supporters counter that foreign capital does not automatically negate local impact, noting that strategic investors often bring global networks, governance expertise and long-term funding capacity that can strengthen African companies.

Branding, Inclusion and Investor Expectations

Moniepoint’s public messaging continues to emphasise its “Made for Your Progress” campaign, positioning the company as a champion of Nigerian entrepreneurs and financial inclusion. The brand has become deeply embedded in Nigeria’s payments infrastructure, serving millions of users daily.

Yet, some ecosystem stakeholders question whether the company’s growing foreign ownership base could, over time, prioritise investor returns over local developmental outcomes. They argue that private equity and institutional investors are ultimately accountable to their own shareholders, often based outside Africa, and may push strategies focused on rapid growth and exits.

Expansion Challenges and Legal Disputes

The funding announcement also comes amid reports of challenges outside Moniepoint’s core Nigerian market. Industry publications have reported that the company recorded an operating loss of about $1.2 million linked to its expansion into the United Kingdom, highlighting the risks associated with international growth even for profitable African fintechs.

Separately, Moniepoint is facing a legal dispute with a former senior executive who alleges wrongful denial of nearly $1 million in vested stock options. The case, still before the courts, has raised questions about internal equity arrangements and corporate governance, though the company has not publicly commented in detail on the matter.

A Broader Question for African Tech

Moniepoint’s rise remains one of Nigeria’s most significant fintech success stories, marked by scale, profitability and international investor interest. At the same time, its latest funding round has reignited a broader conversation about ownership, control and value capture in Africa’s technology sector.

As global capital continues to flow into African startups, the Moniepoint story underscores a central question facing the ecosystem: how to balance foreign investment and growth ambitions with local ownership, accountability and long-term national economic interests.

For now, Moniepoint stands at the intersection of these competing narratives — celebrated as a fintech powerhouse, while increasingly scrutinised as global investors deepen their stake in one of Nigeria’s most critical financial platforms.