African Fintech Moniepoint Secures $110 Million in Funding with Google’s Africa Investment Fund as New Investor
African fintech Moniepoint has recently closed a Series C round of funding, raising an impressive $110 million. The financing was led by Development Partners International’s African Development Partners (ADP) III fund, with participation from other investors such as Verod Capital and existing investor Lightrock. Google’s Africa Investment Fund has also joined as a new investor, further solidifying Moniepoint’s position in the market.
Since its inception in 2015, Moniepoint has raised over $180 million, with backing from QED Investors, British International Investment (BII), and Endeavor Catalyst. The recent funding round has propelled Moniepoint into unicorn status, with a valuation of over $1 billion. This marks a significant milestone for the African fintech, which was valued at just over $800 million in its last funding round two years ago.
Originally focused on providing infrastructure and payment solutions for banks and financial institutions, Moniepoint has since pivoted to become a leading business banking provider. The fintech caters to small and medium-sized businesses (SMBs) in Nigeria, offering a range of services including working capital, business expansion loans, and business management tools.
As Nigeria’s largest merchant acquirer, Moniepoint processes over 800 million transactions each month, with a total value exceeding $17 billion. The fintech plans to use the new funding to expand its presence across Africa, with a focus on digital payments, banking, foreign exchange (FX), credit, and business management tools. Moniepoint has also entered the personal banking market and has seen a 20x increase in customer growth over the past year.
With Google’s Africa Investment Fund on board as a new investor, Moniepoint is well-positioned to continue its growth and innovation in the fintech sector. The company’s success in providing essential financial services to businesses in Nigeria has solidified its position as a key player in the African fintech landscape.
