Moniepoint is now the eighth unicorn out of Africa after the latest Series C fund. Here are the highlights of the company’s success in the recent fundraising:
Funding Round Success: Nigerian fintech Moniepoint has raised $110 million, with Google’s Africa Investment Fund and Verod Capital joining as new investors, alongside existing backers, Development Partners International and Lightrock. This funding gives Moniepoint a “unicorn” status, placing its valuation above $1 billion.
Expansion Plans: Established in 2015, Moniepoint began by offering infrastructure and payment solutions for banks and financial institutions. The company now aims to scale its digital banking services across Africa, building a comprehensive platform for businesses.
Integrated Services for Businesses: Moniepoint’s growth strategy includes adding diverse financial services—digital payments, banking, foreign exchange (FX), credit, and business management tools—to create a single, robust platform for businesses of all sizes.
Rapid Growth of Nigeria’s Fintech Market: As Africa’s fastest-growing fintech hub, Nigeria benefits from a vast, underserved population of over 200 million people, fueling demand for financial services.
Impressive Transaction Volume: Moniepoint processes more than 800 million transactions monthly, reaching a transaction value exceeding $17 billion, highlighting its role as a major player in Africa’s digital finance landscape.
This new funding underscores Moniepoint’s ambition to bridge the financial inclusion gap and drive digital banking across Africa.
