Nigeria-based fintech company Moniepoint has officially achieved unicorn status following a $110 million investment round, pushing its valuation to $1 billion. This funding round, which brought in prominent investors like Google and Development Partners International (DPI), signals a major milestone for Moniepoint, underscoring the company’s rapid growth and expanding influence in African financial services.
The Series C funding round was primarily led by DPI’s African Development Partners (ADP) III fund, a leading African investment fund, along with participation from Google’s Africa Investment Fund and Verod Capital, a significant private equity player in Africa. Lightrock, a global impact firm and existing investor in Moniepoint, also reinvested in this round.
According to Moniepoint, the fresh capital will help accelerate its growth across Africa, with a focus on developing an integrated, one-stop platform tailored for African businesses, covering everything from payments to banking.
From Payment Solutions to Personal Banking Powerhouse
Moniepoint, originally founded as TeamApt in 2015 by Tosin Eniolorunda and Felix Ike, began as a provider of infrastructure and payment solutions aimed at banks and financial institutions. In a significant pivot, the company expanded into personal banking in August 2023, seeing an astounding 2,000% growth in personal finance customers over the past year alone. Its revenue has surged with a compound annual growth rate (CAGR) exceeding 150% in recent years, reflecting its quick adaptation to market demands and the appetite for accessible digital banking solutions across Africa.
Currently, Moniepoint processes over 800 million transactions each month, with a transaction value surpassing $17 billion, solidifying its place as one of the continent’s leading fintech platforms.
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Why Investors Are Backing Moniepoint
Explaining the decision to invest, Adefolarin Ogunsanya, a partner at DPI, highlighted Moniepoint’s potential to expand financial inclusion across Africa. “Moniepoint is uniquely positioned to sustain its rapid growth while advancing financial inclusion for underserved businesses and individuals across the continent,” said Ogunsanya. He added that DPI’s support aims to drive Moniepoint’s next phase of growth, bringing advanced banking and payment services to a wider customer base in Africa.
Ogunsanya expressed confidence in Moniepoint’s path forward, attributing his enthusiasm to the company’s innovative approach, impressive growth, and its commitment to fostering positive change. “We look forward to working with Tosin and his talented team to further grow Moniepoint’s reach, offering world-class banking and payment solutions to both businesses and individuals,” he added.
A Pathway to Africa’s Digital Banking Future
Moniepoint’s rapid ascent signals a larger trend in the African fintech landscape, where companies are stepping in to meet the continent’s growing demand for accessible, reliable banking options. With strong backing from some of the most influential global and regional investors, Moniepoint is well-positioned to continue transforming financial services in Africa, expanding its reach, and solidifying its role as a leading player in the push toward financial inclusion.
