Nigeria’s Moniepoint becomes Africa’s 8th unicorn as it raises $110 Million for expansion
Nigeria’s Moniepoint has achieved unicorn status after raising $110 million in a Series C round led by Development Partners International, the Google Investment fund, and Verod Capital.
In a statement released by the organisation and seen by Neusroom, the funding round was further supported by preexisting investors like QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
Founded in 2015, Moniepoint has quickly become Nigeria’s largest in-person payments platform, with two out of three adults making payments through its terminals.
The fintech provides retail banking services and also caters to small and medium businesses. It is one of the market leaders in Nigeria’s agent banking space. In 2023, it was second on the Financial Times list of Africa’s fastest-growing companies.
Tosin Eniolorunda, the founder and Group CEO of Moniepoint said the company’s mission remains to help its customers solve their challenges by making the platform more innovative, transparent, and secure and the investment will help achieve this mission.
“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.
We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here,” he said.
According to a statement on Moniepoint’s website, the latest funding round “is a validation of our grit and commitment over nearly a decade of work.”
The company attributes its success to the dedication of its now 2,000-strong team, spanning 20+ countries.
The funds will be allocated to Moniepoint’s African expansion, developing an integrated platform for digital payments, banking, cross-border transactions, credit, and business management tools.
“This platform will include services such as digital payments, banking, cross-border payments, credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint explained.
With this raise, Moniepoint joins the ranks of African unicorn companies; Chipper, Interswitch, Opay, Andela, MNT Halan, Flutterwave, and Wave.
