Development Partners International, a British private equity firm, has recently spearheaded a significant investment round of $110 million in Nigerian fintech company Moniepoint. This injection of funds has propelled Moniepoint to unicorn status, a term used to describe privately held startups with a valuation exceeding $1 billion. The Financial Times reported that other notable participants in this funding round include Google’s Africa Investment Fund, Verod Capital, and Lightrock.
Moniepoint, a fintech powerhouse in Nigeria, has outlined its plans to utilize this fresh capital for expanding its operations across Africa. The company is set to kick off its expansion journey in Kenya, where it is finalizing the acquisition of KopoKopo, a move that signifies Moniepoint’s commitment to strengthening its presence on the continent.
Originally established in 2015 as TeamApt, a software development firm catering to Nigerian financial institutions, Moniepoint transitioned its focus to agency banking solutions, a strategic move that propelled its growth and established it as one of Nigeria’s largest agency networks.
In 2023, Moniepoint underwent a rebranding as it ventured into the realm of digital banking, offering a range of personal and business banking solutions. The company now processes a staggering 800 million transactions amounting to over $17 billion monthly. With a reported user base of over 10 million individuals and businesses, Moniepoint has not only achieved profitability but has also emerged as a key player in advancing financial inclusion in Africa.
Adefolarin Ogunsanya, a Partner at Development Partners International, lauded Moniepoint’s impressive growth trajectory, citing the company’s profitability, innovative technology, and positive impact on the continent as key drivers of its future success.
In a noteworthy recognition, the Financial Times acknowledged Moniepoint as one of Africa’s fastest-growing fintech companies for the second consecutive year in May 2024, underscoring the company’s stellar performance and market position.
The recent investment round led by Development Partners International, alongside Google’s Africa Investment Fund, Verod Capital, and Lightrock, underscores Moniepoint’s pivotal role in driving digital and financial inclusion in Africa. The company has reported robust revenue growth, boasting a compound annual growth rate (CAGR) exceeding 150% in recent years, as well as industry-leading gross profit and EBITDA margins.
Tosin Eniolorunda, co-founder and CEO of Moniepoint, expressed his commitment to leveraging the proceeds from this funding round to further enhance the company’s platform, focusing on innovation, transparency, and security. Eniolorunda emphasized Moniepoint’s mission to promote financial inclusion and support Africa’s entrepreneurial potential through its cutting-edge solutions.
As Moniepoint continues to chart its path towards growth and impact, the company remains at the forefront of the fintech landscape, driving positive change and empowering individuals and businesses across the continent.
