Home Industry Fintech and Financial Services Moniepoint Raises $110 Million...
Fintech and Financial Services
Business Honor
29 October, 2024
Moniepoint raises $110 million in Series C funding, becoming a fintech unicorn to accelerate growth across Africa.
Moniepoint, one of Africa's leading fintech companies, has closed its Series C funding round in a deal that totals $110 million. Development Partners International's African Development Partners (ADP) III fund led the investment round, which was joined by prominent investors such as Verod Capital, Lightrock, British International Investment (BII), QED Investors, and Endeavor Catalyst. As a result, Moniepoint's valuation goes over $1 billion, turning it into a fintech unicorn.
Established in 2015, Moniepoint started offering infrastructure and payment solutions for financial institutions but now offers business banking services exclusively for small and medium-sized businesses in Nigeria. Its array of solutions include working capital, business expansion loans, expense management tools, accounting and bookkeeping services, and insurance.
Moniepoint has emerged as the largest merchant acquirer in Nigeria, processing over 800 million transactions annually, with a monthly total value of more than $17 billion. The fintech has scaled rapidly with its robust solutions and has recently ventured into personal banking, which has seen its customer base increase by 20 times in the last year.
The new funding shall enable Moniepoint to enhance its penetration pace across Africa to build more instruments for digital payments, banking, FX, credits, and managing businesses. According to its company reports, Moniepoint will now gain penetration in the following African markets apart from Nigeria where now 90 percent of the firm's business activities are carried.
Its rapid growth and innovative offering, as well as its successful pivot to business banking, mark the transformative effect that fintech will make in Africa, offering critical financial solutions to businesses and individuals.