Quick Read: Early Investment: Oui Capital invested $150,000 in Moniepoint during its 2021 seed round, acquiring a 1.2% stake at a $12.5 million valuation.Key Factors: The firm bet on Moniepoint’s strong engineering, market traction, and the leadership of CEO Tosin Eniolorunda.Massive Growth: Moniepoint’s rapid expansion, fueled by COVID-19 and cashless policies, led to a 53x return on investment.Strategic Exit: Oui Capital partially exited during Moniepoint’s Series C, returning $8 million and doubling its first fund for investors.
Oui Capital’s Bold Bet on Moniepoint: A 53x Return on a $150,000 Investment
Three years before Oui Capital—a leading early-stage African venture capital firm—invested $150,000 for a 1.2% stake in Moniepoint, managing partner Olu Oyinsan met Moniepoint’s CEO, Tosin Eniolorunda. Oyinsan was immediately struck by Eniolorunda’s expertise in banking technology and payment infrastructure.
“His understanding of the payment stack was impressive. I knew he was up to something exciting,” Oyinsan shared.
Investing in Moniepoint’s Seed Round
In 2021, Moniepoint had a post-money valuation of $12 million. Convinced it was a bargain, Oui Capital joined other investors—including Global Ventures, Soma Capital, and Kepple Africa—in Moniepoint’s seed round.
“We bet on the team’s superior engineering to solve high transaction failure rates, and we were correct,” Oyinsan said.
Moniepoint’s trajectory to becoming a unicorn was evident. In 2021, CEO Eniolorunda predicted Moniepoint’s success, and three years later, that vision came true. Oui Capital partially exited, cashing out $8 million—returning its first fund twice.
Negotiating the Investment: Why Moniepoint Was Undervalued
Oui Capital invested when Moniepoint’s valuation was $12.5 million, during a time when valuations were soaring. “The company’s traction and revenue—between $700,000 and $1 million—made this valuation reasonable,” Oyinsan explained.
Oui Capital also benefited from Moniepoint’s founders valuing quality investors over higher valuations.
What Fueled Oui Capital’s Conviction?
Moniepoint’s team stood out. They had experience, maturity, and a unique understanding of building for businesses. “They weren’t starting from scratch—it was just a new direction,” Oyinsan said.
Unlike many top African fintechs at the time, Moniepoint was not YC-backed. But Oui Capital saw the potential and backed the company with full conviction.
Beyond the investment, Oui Capital provided hands-on support: Oyinsan helped Moniepoint create its investment memo, set up a data room, and mapped out its funding trajectory.
Moniepoint’s Rapid Growth and Strategic Exit
Oui Capital knew Moniepoint would be a fund-returning investment after the company’s explosive growth during COVID-19 and the Central Bank of Nigeria’s cashless policy, which spurred year-on-year growth of 100%.
When Moniepoint raised its $110 million Series C round, Oui Capital sold shares strategically. “We crystallized gains while keeping enough ownership to enjoy future upside,” Oyinsan said.
Balancing LP Expectations
While some local LPs wanted faster exits, Oui Capital balanced their needs with longer-term global investor expectations. “Our job is to strike a balance, and I think we did just that,” Oyinsan noted.
Three Core Principles Behind Oui Capital’s Success
- Strong Portfolio Construction: Oui Capital invested early at the right valuation, with clear expectations for Moniepoint’s billion-dollar potential.
- Hands-On Founder Support: Oui Capital went beyond writing checks, helping Moniepoint buy out an early investor and recruit senior talent.
- A Strong, Ambitious Team: Oui Capital’s decision to increase its investment from $100,000 to $150,000—based on last-minute analysis—significantly boosted returns.
Final Thoughts
Oui Capital’s Moniepoint investment is a rare venture capital success story—one that highlights the power of conviction, strategic investing, and supporting ambitious founders every step of the way.
