Nigerian fintech giant Moniepoint has secured $110 million in funding aimed at expanding its presence across Africa.
Founded in 2015, Moniepoint initially concentrated on delivering infrastructure and payment technology to banks and financial institutions. It has since evolved into Nigeria’s leading business banking provider, handling over 800 million transactions with a total monthly value exceeding $17 billion. The company is the largest merchant acquirer in Nigeria, facilitating the majority of the nation’s Point of Sale (POS) transactions.
Last year, Moniepoint ventured into the personal banking sector through its subsidiary, Moniepoint Microfinance Bank, witnessing a remarkable 2,000% growth in its personal finance customer base.
The Series C funding round was spearheaded by the African Development Partners (ADP) III fund from Development Partners International, with additional investments from Google’s Africa Investment Fund and Nigerian VC firm Verod Capital. Existing investor Lightrock also joined the round.
This new capital injection will elevate Moniepoint to a valuation exceeding $1 billion, positioning the company as a unicorn. The funds will be utilized to propel Moniepoint’s growth throughout Africa, creating an integrated platform for businesses that offers services including digital payments, banking, foreign exchange (FX), credit, and business management tools.
Tosin Eniolorunda, founder and group CEO of Moniepoint Inc., stated, “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential.”