Nigerian fintech behemoth Moniepoint has raised $110 million in funding to expand across Africa.
Founded in 2015, Moniepoint initially focused on providing infrastructure and payments technology for banks and financial institutions. It has has since grown into Nigeria's leading business banking provider, processing over 800 million transactions, with a monthly total value exceeding US$17 billion. The firm is Nigeria’s largest merchant acquirer, powering most of the country’s Point of Sale (POS) transactions.
Last year Moniepoint entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank, where it has experienced 2,000% growth in personal finance customers.
The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. Other new investors include Google’s Africa Investment Fund and African VC Verod Capital. Lightrock, an existing investor, also participated.
The new investment will tip Moniepoint over the $1 billion unicorn valuation.
The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, integrated platform for African businesses, offering services such as digital payments, banking, foreign exchange (FX), credit, and business management tools.
Tosin Eniolorunda, founder and group CEO of Moniepoint Inc., says: "The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential."