Three years before Oui Capital, an early-stage African venture capital firm, invested $150,000 for a 1.2% stake in Moniepoint, its managing partner, Olu Oyinsan, met Tosin Eniolorunda, Moniepoint’s CEO. From that first meeting, Oyinsan recognized something exceptional about Eniolorunda.
“His understanding of banking technology stack and payment infrastructure was impressive. I knew he was up to something exciting,” Oyinsan recalled.
That conviction led Oui Capital to participate in Moniepoint’s 2021 seed round, when the company was valued at just $12.5 million post-money. Alongside Oui Capital, Global Ventures, Soma Capital, and Kepple Africa also invested.
“We thought the team was incredibly strong in terms of engineering,” Oyinsan explained. “We bet that superior engineering would solve the major problem at the time, which was high transaction failure rates, and we were correct.”
A month before that round, Tosin Eniolorunda had told TechCabal that Moniepoint was on its way to becoming a unicorn. Three years later, that vision became reality, and Oui Capital made a partial exit, selling some of its stake during Moniepoint’s $110 million Series C round. That sale alone returned $8 million to Oui Capital—enough to double the entire fund’s original capital.
For Oui Capital, this was a rare and perfectly timed exit, as the firm is now gearing up to raise its third fund after closing its second at $12 million.
The $150,000 Deal That Paid Off 53x
Oui Capital’s decision to invest in Moniepoint at a $12.5 million valuation was a well-calculated move. At the time, Moniepoint was generating between $700,000 and $1 million in revenue, and despite the 2019–2020 fintech boom driving high valuations, Oui Capital saw a unique opportunity.
“The deal was undervalued. At the time, $12.5 million was a reasonable valuation given Moniepoint’s traction and growth rate,” Oyinsan said.
Two key factors worked in their favor:
1.Moniepoint was new to venture capital funding – Oui Capital was well-positioned to help structure the company’s funding trajectory.
2.The founders prioritized quality investors over higher valuations – Tosin Eniolorunda and his team understood the long-term value of strategic investors.
“They had something no one else had, and they understood how to build for businesses,” Oyinsan added.
At the time, most fintech startups attracting big VC rounds were YC-backed—including Paystack, Flutterwave, Kuda, and PiggyVest. Many investors focused on Silicon Valley’s stamp of approval, but Oui Capital took a different approach, backing Moniepoint purely on its potential.
“TeamApt [Moniepoint’s original name] was one of the first companies to reach this stage without YC, proving my thesis that great founders exist outside the conventional circles.”
Beyond providing capital, Oui Capital played an active role in Moniepoint’s success—helping draft the first investment memo, structuring funding rounds, and even recruiting key executives.
“I went beyond just investing—I did advisory work, helped create the first investment memo, and set up the data room alongside a Deloitte consultant I hired.”
Their strategy paid off handsomely, especially after COVID-19 and Nigeria’s cashless policies accelerated Moniepoint’s growth.
“We had written in our initial investment memo that we believed that COVID-19 would change the game for Moniepoint. The company grew about 1000% during COVID, followed by the CBN’s cashless policies that helped them grow about 100% every year. We knew we were on to something at this point—it was only a matter of time.”
Why Oui Capital Cashed Out During Moniepoint’s $110M Series C
During Moniepoint’s Series C round in 2023, Oui Capital decided to sell part of its stake, securing an $8 million return while retaining equity for future upside.
“It was about crystallizing our gains while still leaving enough ownership to demonstrate our continued belief in the company’s future growth,” Oyinsan explained.
While some investors hold their stakes indefinitely, Oui Capital strategically balanced short-term liquidity with long-term upside.
“We sold enough to return the entire fund and satisfy our limited partners (LPs) while keeping the rest to enjoy the ride.”
Pressure From LPs and The Challenge of VC Funding in Nigeria
Unlike many global venture capitalists, Oui Capital had Nigerian LPs who were unfamiliar with venture investing.
“There was some pressure from LPs, especially the Nigeria-based ones, who are unfamiliar with venture capital as an asset class,” Oyinsan admitted.
Most Nigerian investors prefer short-term gains due to frequent policy and economic fluctuations. Global investors, however, were more comfortable with longer holding periods.
“But it’s our job as fund managers to find a good balance in the interest of our LPs, and I think we did just that.”
What Made Oui Capital’s Moniepoint Investment So Successful?
For venture capitalists, backing a unicorn is not enough—how much you invest, when you invest, and your ownership stake all determine actual returns.
Oyinsan outlined three key principles:
1.Good Portfolio Construction – Investing at the right valuation and with the right stake size ensures strong returns.
2.Truly Supporting Founders – Helping companies secure additional funding, recruit talent, and set up financial structures increases their long-term success.
3.A Strong, Analytical Team – A well-structured VC firm makes better investment decisions.
One crucial decision that boosted their returns was increasing their check size from $100,000 to $150,000 the night before wiring the funds.
“My partner ran additional analysis and concluded we should max it out at $150,000. That extra $50,000 is now worth a third of our entire current returns.”
Smaller VC Funds Have an Advantage—but They Must Execute Well
Oui Capital’s first fund was just $4 million, significantly smaller than many African VCs.
“Smaller funds generally have the potential to return faster, but the majority still don’t return capital,” Oyinsan noted.
Understanding fund economics, tracking financial outcomes, and course-correcting early are essential for success.
“We are not exactly in tech; we’re in the finance business.”
Oui Capital’s Future: What’s Next?
With Fund I now fully returned, Oui Capital is actively deploying its second fund ($12 million). While fintech has historically yielded the best returns, the firm remains open to other high-potential sectors.
“The success of tomorrow is different from the success of today, so we will keep looking for exciting opportunities.”
A third fund is in discussion, but the focus remains on executing Fund II successfully before raising more capital.
“We aren’t thinking too deeply about Fund III now, but conversations are ongoing.”
Conclusion: A Rare and Exceptional VC Win in Africa
Venture capital in Africa is still evolving, and full fund returns are rare. Oui Capital’s 53x return on Moniepoint proves that with the right investment strategy, strong founder relationships, and precise timing, African VCs can deliver massive wins.
“We’ll find out when we get on the road to raise again. But our LPs are pleased, and we’re happy about that too.”
