Moniepoint, a leading Nigerian FinTech firm, has raised $110m in a recent funding round aimed at expanding its reach across Africa.
According to Finextra, established in 2015, Moniepoint began by offering infrastructure and payment technologies for banks and financial institutions and has evolved into Nigeria’s premier business banking provider.
The Series C investment was spearheaded by Development Partners International’s African Development Partners (ADP) III fund, with notable contributions from Google’s Africa Investment Fund and African VC Verod Capital. Lightrock, a returning investor, also participated in this round.
Moniepoint’s core operations involve processing over 800 million transactions per month, totaling more than US$17 billion in value. The company is recognized as Nigeria’s largest merchant acquirer, responsible for a significant portion of the country’s Point of Sale (POS) transactions.
The funds from this latest round will be used to further Moniepoint’s development of an integrated platform for African businesses, offering comprehensive services such as digital payments, banking, foreign exchange (FX), credit, and business management tools.
The injection of capital will also propel Moniepoint beyond the $1 billion mark, categorizing it as a unicorn, a testament to its significant impact and potential for future growth.
Additionally, Moniepoint has diversified into personal banking through its subsidiary, Moniepoint Microfinance Bank, achieving a 2000% increase in personal finance customers since last year.
Tosin Eniolorunda, founder and group CEO of Moniepoint Inc., highlighted the strategic focus of the new funding, stating, “The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential.”
Previously, Moniepoint has demonstrated a robust track record of securing investments to bolster its expansive suite of financial services, underpinning its position as a pivotal player in the African FinTech landscape.
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