- Moniepoint has raised $110 million in equity financing
- The funding raises the fintech to a $1 billion valuation and is Africa’s eighth Unicorn
- Moniepoint’s founder said the funding will be used to accelerate the fintech’s growth in Africa
Moniepoint, a Nigeria-based fintech, is Africa’s eighth startup to have achieved Unicorn status after raising $110 million in equity financing.
The series C financing round was led by Development Partners International (DPI) and other new investors including Google’s Africa Investment Fund and Verod Capital. Global impact firm, Lightrock, an existing investor, also participated in the funding round.
The new funding has further boosted the fintech’s valuation to at least $1 billion, increasing from around $400 million in a 2022 funding round where it raised $50 million. Per Financial Times, Moniepoint previously raised $55 million from investors.
The milestone places Moniepoint in the league of such African startups with unicorn status as Interswitch, Opay, Flutterwave, Wave, Andela, Chipper and MNT-Halan.
The fintech said the capital raised will be channelled towards accelerating its growth across Africa and building an all-in-one, seamlessly integrated platform for businesses that will offer services such as digital payments, banking, foreign exchange, credit and business management tools.
Founder and Group Chief Executive Officer of Moniepoint Inc., Tosin Eniolorunda, said, “The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes.
“This platform will include services such as digital payments, banking, foreign exchange, credit, and business management tools, making it a one-stop shop for business solutions.
“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.”
Partner at Development Partners International, Adefolarin Ogunsanya, said Moniepoint is well positioned to maintain its growth trajectory and drive financial inclusion.
Ogunsanya said, “A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.”
Moniepoint’s milestone will further drive financial inclusion
Since it entered the fintech space nine years ago, Moniepoint has been taking giant strides and helping to drive financial inclusion in Nigeria.
The fintech provides retail banking and agent banking services and caters to small and medium enterprises (SMEs).
Moniepoint's achievements and growth trajectory within a few years of entering the fintech space earned it second place on the Financial Times list of Africa’s fastest-growing companies in 2023.
The company has shown prospects, especially with digital payments, as its transaction value grew by over 205 per cent and processed 5.2 billion transactions worth over $150 billion.
Moniepoint, among other fintechs, proved their mettle again during the recent bank system upgrades that had customers of traditional banks stranded.
The fintech said it currently processes over 800 million transactions, with a monthly total value exceeding $17 billion, while maintaining profitability and has experienced a 2,000 per cent growth since entering the personal banking space about a year ago.
Budding entrepreneur? Here are 10 insights from Moniepoint’s Informal Economy Report
The recent Informal Economy Report 2024 published by Moniepoint, a fintech company providing banking services and loans through an online banking app, has given insights into the dynamics of informal businesses in Nigeria.
TheRadar has aggregated 10 of these insights which are crucial for aspiring entrepreneurs.
