Google among investors putting $110 million into Nigeria’s Moniepoint
Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday.
Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.
The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors.
Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for tech firms with a valuation of a billion dollars or more.
According to the company, the capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses.
“This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said.
Nigeria is the fastest growing fintech market in Africa, driven by its more than 200 million people, many who still lack access to financial services like banking.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) initially focused on providing infrastructure and payment solutions for banks and financial institutions.
In August 2023, Moniepoint entered the personal banking market and has experienced 2,000% growth in personal finance customers over the past year while growing its revenue at over 150% CAGR in recent years.
Moniepoint says it now processes over 800 million transactions, with a monthly total value exceeding US$17 billion.
Why they invested
Speaking to the rationale for their investment, Adefolarin Ogunsanya, Partner at Development Partners International, noted that Moniepoint has become one of Africa’s most exciting and fastest growing companies.
“Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa. DPI has a long-track record of supporting businesses like Moniepoint to achieve their next stage of scale.
“The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success.
“We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services,” Ogunsanya stated.
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