Moniepoint, a Nigerian fintech company, has raised $110 million in Series C funding to expand its services across Africa and globally, becoming the latest Nigerian fintech unicorn.
Nigerian Fintech Reaches Unicorn Status With $110 Million Google-Backed Funding Round
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Moniepoint Seeks to Serve Global African Market with New Funding
Moniepoint, a Nigerian fintech company, recently announced it had raised $110 million in a Series C funding round led by Development Partners International (DPI), with participation from Google’s Africa Investment Fund, Verod, and Lightrock.
In a blog post, Moniepoint CEO Tosin Eniolorunda said the capital would accelerate the firm’s expansion across Africa and the development of an all-in-one, seamlessly integrated platform for African businesses of all sizes. While the firm previously focused on Africans residing on the continent, Eniolorunda suggested the new funding enables Moniepoint to serve Africans globally.
Commenting on the investor confidence, Eniolorunda said:
“The investment conviction from Development Partners International (DPI), Google’s Africa Investment Fund, Verod, and Lightrock, speaks to Moniepoint’s impact so far in digital and financial inclusion, and our ability to foster economic activity and development. It also speaks to our growth and profitability, with our revenue at over 150% CAGR in recent years and industry-leading gross profit and EBITDA margins.”
According to one report, the latest new funding has valued Moniepoint at more than $1 billion, making it the latest Nigerian fintech unicorn. Other Nigerian fintech startups and digital payments firms that have achieved similar valuations include Flutterwave and Chipper Cash.
Moniepoint has been transforming the financial landscape in Nigeria since 2015. With its in-person payment platform, the firm claims to serve millions of Nigerians, processing over 800 million transactions monthly. The company has reportedly achieved profitability while expanding its reach and services.
