Moniepoint Joins the Unicorn Club: Nigerian Fintech Secures $110 Million from Google and Leading Investors
In a landmark funding round, Nigerian fintech powerhouse Moniepoint has raised $110 million from a prominent group of investors, including Google. This investment has propelled Moniepoint’s valuation to $1 billion, officially marking its entry into the prestigious unicorn club and underscoring its influence in the Fintech Landscape.
The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund, a prominent fund dedicated to Africa. Notable new investors include Google’s Africa Investment Fund and Verod Capital, a leading private equity firm.
Additionally, existing investor Lightrock participated in this round, underscoring strong confidence in Moniepoint’s potential and the vibrant landscape of African fintech.
The capital raised will be instrumental in accelerating Moniepoint’s growth across Africa, enabling the development of an all-in-one, seamlessly integrated platform designed specifically for African businesses.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint, previously known as TeamApt, initially provided essential infrastructure and payment solutions for banks and financial institutions.
Over time, the company evolved to broaden its focus from payment services to creating a comprehensive banking platform. In August 2023, Moniepoint expanded into the personal banking market, achieving an astounding 2,000% growth in personal finance customers over the past year.
This expansion has contributed to a revenue growth rate exceeding 150% CAGR in recent years. Today, Moniepoint processes over 800 million transactions, with a total monthly value surpassing US$17 billion.”
Adefolarin Ogunsanya, a Partner at Development Partners International, highlighted that their investment in Moniepoint is motivated by the company’s status as one of Africa’s most dynamic and rapidly growing enterprises.
Moniepoint is strategically positioned to continue its impressive growth while fostering financial inclusion for underserved businesses and individuals across the continent.
DPI has a strong track record of supporting companies like Moniepoint and aims to assist in its next phase of expansion. “We look forward to collaborating closely with Tosin and his talented team to broaden Moniepoint’s customer base by providing exceptional banking and payment services to businesses and individuals,” Ogunsanya stated.
What You Should Know
Moniepoint mission is to enhance financial services and access for millions in Nigeria, a country recognized as the fastest-growing fintech market in Africa, with over 200 million people, many of whom still lack essential banking services.
While investments in African startups have slowed this year due to a funding winter, Moniepoint’s Series C round marks the largest fundraising by any Nigerian fintech in 2024 and is one of the two largest raises by any Nigerian startup this year, alongside Moove’s recent $110 million funding.
With this achievement, Moniepoint not only reinforces its influencein the fintech landscape but also positions itself for continuedgrowth and innovation in the dynamic African market.
This milestone highlights the increasing confidence investors havein Nigeria’s burgeoning fintech ecosystem and sets the stage forMoniepoint’s expansion and development of new financial solutions.
