Moniepoint, a leading fintech company in Africa, has secured $110 million in a Series C funding round, bringing Google’s Africa Investment Fund onboard as a new investor. The funding round, spearheaded by Development Partners International’s African Development Partners III (ADP III) fund, also included participation from Verod Capital, Lightrock, and returning investors such as QED Investors, British International Investment (BII), and Endeavor Catalyst. This new capital injection elevates Moniepoint’s total fundraising since its establishment in 2015 to over $180 million, marking its entry into the unicorn club with a valuation now surpassing $1 billion, according to *Financial Times*. This achievement signifies considerable growth from its earlier valuation, which exceeded $800 million just two years prior during a QED-led investment round.
Originally, Moniepoint concentrated on delivering infrastructure and payment solutions for banks and financial entities. Nevertheless, the company adjusted its approach to focus on business banking, serving Nigeria’s extensive network of small and medium-sized enterprises (SMEs). Moniepoint now provides an array of financial services, encompassing working capital, business loans, and various management tools, such as business payment cards, expense tracking, accounting, bookkeeping, and insurance options. This tactical pivot has catapulted Moniepoint to become Nigeria’s leading merchant acquirer, handling a substantial share of the country’s point-of-sale (POS) transactions. The fintech claims to process over 800 million transactions each month, with a cumulative transaction volume surpassing $17 billion.
With this latest funding round, Moniepoint intends to hasten its expansion across Africa. While 90% of its operations currently occur in Nigeria, the fintech is gearing up to extend its reach, enhancing services in digital payments, banking, foreign exchange (FX), credit, and sophisticated business management tools. Moniepoint has recently ventured into personal banking, where it has already seen remarkable success, reporting a 20-fold increase in customer acquisition in the past year.
This recent influx of capital equips Moniepoint to improve its services and widen its impact throughout Africa’s varied financial landscape. By broadening its outreach and offerings, Moniepoint aspires to promote financial inclusion and empower African enterprises, solidifying its position as a frontrunner in the continent’s swiftly advancing fintech sector. With robust support from influential global investors, Moniepoint is poised to keep revolutionizing how African businesses and individuals handle their financial requirements.
