Nigerian fintech, Moniepoint, has secured a $110 million funding from a number of buyers together with Google, bringing its valuation to $1 billion and giving it a unicorn standing.
The Collection C funding was led by Improvement Companions Worldwide’s African Improvement Companions (ADP) III fund – a premier fund centered on Africa.
Different new buyers embody Google’s Africa Funding Fund and Verod Capital – a number one African personal fairness agency. World influence agency, Lightrock, an present investor, additionally participated within the funding spherical.
In response to the corporate, the capital raised shall be used to speed up Moniepoint’s development throughout Africa, constructing an all-in-one, seamlessly built-in platform for African companies.
From cost options to banking
Based in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (previously generally known as TeamApt) initially centered on offering infrastructure and cost options for banks and monetary establishments.
- In August 2023, Moniepoint entered the private banking market and has skilled 2,000% development in private finance prospects over the previous 12 months whereas rising its income at over 150% CAGR lately.
- Moniepoint says it now processes over 800 million transactions, with a month-to-month complete worth exceeding US$17 billion.
Why they invested
Talking to the rationale for his or her funding, Adefolarin Ogunsanya, Accomplice at Improvement Companions Worldwide, famous that Moniepoint has turn out to be one among Africa’s most enjoyable and quickest rising firms.
“Moniepoint is nicely positioned to proceed its spectacular development trajectory whereas driving monetary inclusion for underserved companies and people throughout Africa. DPI has a long-track document of supporting companies like Moniepoint to attain their subsequent stage of scale.
“The corporate’s mixture of modern know-how, quick development, and optimistic influence on the continent underpins our conviction in its future success.
“We sit up for working carefully with Tosin and his gifted workforce to broaden Moniepoint’s buyer base by offering companies and people with first-class banking and funds providers,” Ogunsanya said.
What you need to know
Nigeria is seen because the fastest-growing fintech market in Africa, pushed by its greater than 200 million folks, lots of whom nonetheless lack entry to monetary providers like banking.
Whereas Nigerian fintechs have seen development in investments prior to now years to scale and broaden their service choices, funding has slowed this 12 months as African startups are experiencing funding winter.
Moniepoint’s Collection C got here as the most important increase by any Nigerian fintech to date this 12 months and it is without doubt one of the two largest fundraisings by any Nigerian startup this 12 months, the second being Moove’s $110 increase in two offers.
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