FINTECH firm Moniepoint has raised $110 million in fresh funding, backed by major investors including Google’s Africa Investment Fund, to accelerate its digital payments and banking services expansion across Africa. Announced on Tuesday, the funding also saw contributions from existing investors, London-based Development Partners International and private equity firm Lightrock, as well as new investor Verod Capital.
Founded in 2015, Moniepoint began by providing infrastructure for banks and financial institutions before diversifying into personal banking services. Sources close to the deal suggest this latest investment has propelled Moniepoint’s valuation beyond $1bn, earning it ‘unicorn’ status—a term reserved for tech companies valued at over a billion dollars.
Scaling digital finance for Africa’s growth
With the new capital, Moniepoint plans to accelerate its growth across the continent, enhancing its platform to support African businesses with a comprehensive suite of financial services. The fintech aims to offer a one-stop solution that includes digital payments, banking, foreign exchange (FX), credit, and business management tools, thereby streamlining operations for entrepreneurs and companies alike.
‘This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,’ Moniepoint said in a statement.
The Nigerian fintech market, the fastest-growing in Africa, is driven by a population of over 200 million, many of whom lack access to traditional financial services. In response to this demand, Moniepoint expanded into personal banking in August last year, tapping into a new customer base eager for digital banking options.
A fintech giant in the making
Currently, Moniepoint processes more than 800 million transactions monthly, with a total transaction value exceeding $17bn. This growth has positioned Moniepoint as a key player in Africa’s financial sector, setting it apart with services that meet both personal and business banking needs.
The company’s rapid expansion underscores the strength of Africa’s fintech sector, as new technology and investor support fuel growth in digital finance. For Google’s Africa Investment Fund, Moniepoint represents a high-potential venture that aligns with its mission to enhance digital infrastructure and financial inclusion across Africa.
With its new unicorn status and significant backing, Moniepoint is poised to reshape the financial landscape in Africa, empowering businesses and individuals alike with innovative, accessible financial solutions.
