Nigeria-based fintech company Moniepoint announced on Tuesday that it has raised $110 million in new funding from major investors, including Google, to scale digital payments and banking solutions across Africa.
The latest funding round also saw participation from existing backers, London-based Development Partners International, private equity firm Lightrock, and new investors from Google’s Africa Investment Fund and Verod Capital.
Founded in 2015 to provide payment infrastructure for banks and financial institutions, Moniepoint has since expanded to offer personal banking services. This new capital brings Moniepoint’s valuation to over $1 billion, granting it “unicorn” status— a benchmark reserved for tech companies valued at a billion dollars or more.
Moniepoint plans to use the funds to accelerate its growth across the continent and develop a comprehensive business platform. “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,” the company stated.
Nigeria, with over 200 million people, is Africa’s fastest-growing fintech market. Moniepoint has seen significant traction, processing over 800 million transactions monthly, with a transaction value exceeding $17 billion. With the new funding, Moniepoint aims to strengthen its impact in bridging the financial access gap across Africa.
Melissa Enoch
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