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Nigerian fintech firm Moniepoint raised $110 million, bringing its total valuation to $1 billion. The business handles 800 million transactions each month and provides banking services. The firm employs 2,000 people in more than 20 countries. According to reports, the platform handled more than 5 billion transactions in 2023.In its most recent fundraising campaign, which was coordinated by Development Partners International and Google, the Nigerian fintech firm Moniepoint raised $110 million, bringing its total valuation to $1 billion as it gets ready to expand throughout Africa. The business handles 800 million transactions each month and provides banking services.
Inspired by the enchanted creature from fairy tales, a new firm on the African continent has a valuation of over $1 billion, making it so uncommon that it is referred to as a “unicorn” in venture capital parlance. Moniepoint, a finance company based in Nigeria, has joined the select group of unicorn businesses in Africa.
As it grew into other African nations and even went public on the New York Stock Exchange, Jumia—the first unicorn firm in Africa—saw its worth decline over time. Startups like MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela are among the others over the years.
In a Series C investment round headed by Development Partners International (DPI), Moniepoint raised $110 million, increasing its overall financial worth to over $1 billion, according to TechCabal. According to reports, the platform handled more than 5 billion transactions in 2023. According to the firm, two out of three Nigerian adults pay using its terminals, and it handles over 800 million transactions each month, totalling more than $17 billion.
With an emphasis on small and medium-sized enterprises, the venture aims to offer retail banking services. The Financial Times named it the second-fastest growing company in Africa last year, and it is said to be one of Nigeria’s industry leaders in the agent banking sector. Verod Capital, Lightrock, and Google’s Africa Investment Fund were additional investors in this round.
Nigeria, the UK, and the US are among the countries where Moniepoint maintains offices. The company employs 2,000 people in more than 20 countries. Co-founder Tosin Eniolorunda stated in a blog post that the funds acquired in this most recent round will be used to expand the business throughout Africa.
As we create a single, perfectly integrated platform for African companies of all sizes, the funds raised will hasten our expansion throughout the continent. This platform will serve as a one-stop shop for business solutions by offering services including digital payments, banking, cross-border payments, credit, and business management tools, according to Eniolorunda.
“The investment conviction from Google’s Africa Investment Fund, Verod, Lightrock, and Development Partners International (DPI) speaks to Moniepoint’s impact to date in digital and financial inclusion, as well as our capacity to promote economic activity and development.” With our revenue growing at a rate of more than 150% CAGR in recent years and our industry-leading gross profit and EBITDA margins, it also testifies to our growth and profitability.
