Moniepoint, a Nigerian fintech company, has raised $110 million in a strategic funding round led by Google, alongside London-based Development Partners International, private equity firm Lightrock, and new investors from Google’s Africa Investment Fund and Verod Capital. This capital infusion not only accelerates Moniepoint's mission to expand digital payment and banking solutions across Africa but also positions it with a valuation surpassing $1 billion, granting it "unicorn" status—a landmark achievement for tech firms reaching billion-dollar valuations.
Founded in 2015, Moniepoint initially focused on providing payment infrastructure for banks and financial institutions but has since expanded to deliver personal banking services, addressing a significant need within Nigeria, Africa’s largest fintech market. In a nation of over 200 million people—many of whom remain underserved in terms of access to banking and financial services—Moniepoint's services have become essential. Since launching personal banking offerings in August of last year, Moniepoint has rapidly grown its reach and capabilities.
The newly acquired funding will be channeled towards scaling Moniepoint's presence across Africa and enhancing its integrated business platform. The comprehensive platform is set to provide a range of services, including digital payments, banking, foreign exchange, credit, and business management tools, creating an all-encompassing ecosystem for businesses. Moniepoint reports that it processes over 800 million transactions monthly, with a cumulative value exceeding $17 billion, underscoring its vital role in Africa’s burgeoning fintech landscape.
With Nigeria’s fintech sector witnessing exponential growth, driven by high demand for digital financial services, this investment highlights Moniepoint’s potential to transform financial accessibility across Africa and reflects the increasing confidence of global tech giants and private equity in Africa's fintech market.
Founded in 2015, Moniepoint initially focused on providing payment infrastructure for banks and financial institutions but has since expanded to deliver personal banking services, addressing a significant need within Nigeria, Africa’s largest fintech market. In a nation of over 200 million people—many of whom remain underserved in terms of access to banking and financial services—Moniepoint's services have become essential. Since launching personal banking offerings in August of last year, Moniepoint has rapidly grown its reach and capabilities.
The newly acquired funding will be channeled towards scaling Moniepoint's presence across Africa and enhancing its integrated business platform. The comprehensive platform is set to provide a range of services, including digital payments, banking, foreign exchange, credit, and business management tools, creating an all-encompassing ecosystem for businesses. Moniepoint reports that it processes over 800 million transactions monthly, with a cumulative value exceeding $17 billion, underscoring its vital role in Africa’s burgeoning fintech landscape.
With Nigeria’s fintech sector witnessing exponential growth, driven by high demand for digital financial services, this investment highlights Moniepoint’s potential to transform financial accessibility across Africa and reflects the increasing confidence of global tech giants and private equity in Africa's fintech market.