- Nigerian fintech startup Moniepoint has reached a total valuation of $1 billion as it prepares for an Africa-wide expansion.
- It raised $110 million in its latest funding drive led by Development Partners International and Google.
- The company offers banking services and processes 800 million transactions every month.
The African continent has a new startup with a valuation of over $1 billion, a thing so rare it is known as a “unicorn” in venture capital lingo, taking inspiration from the magical fairytale creature. Nigerian fintech startup Moniepoint now joins a small club of unicorn startups in Africa.
Jumia was the first unicorn startup in Africa, whose valuation has waned over the years as it expanded to different African countries and even listed on the New York Stock Exchange. Others over the years include startups like MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela.
According to TechCabal, Moniepoint raised $110 million in a Series C funding round led by Development Partners International (DPI), driving its value to over $1 billion in total funding. The platform has reportedly processed over 5 billion transactions in 2023.
It says it processes over 800 million transactions every month, with a value exceeding $17 billion and claims two out of three adults in Nigeria make payments via the company’s terminals.
The startup seeks to provide retail banking services with a focus on small and medium businesses. It is claimed to be one of Nigeria’s market leaders in the agent banking space and Financial Times ranked it as the second-fasted growing company in Africa last year.
Other investors in this round were Google’s Africa Investment Fund, Lightrock and Verod Capital.
Moniepoint has offices in Nigeria, the United Kingdom and the United States. It has a team of 2 000 employees across more than 20 countries.
According to a blog post by co-founder Tosin Eniolorunda, the money raised in this latest round will go towards a wider expansion across Africa.
“The capital raised will accelerate our growth across Africa, as we build an all-in-one, seamlessly integrated platform for African businesses of all sizes. 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,” Eniolorunda writes.
“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.”
[Image – Photo by Annie Spratt on Unsplash]
