Moniepoint Raises $110 Million in Funding

LAGOS (Reuters) – Nigeria-based fintech Moniepoint has raised $110 million in funding from investors including Google to enhance digital payments and banking solutions across Africa, the company announced on Tuesday.

Moniepoint began its operation in 2015, primarily providing infrastructure and payment solutions for banks and financial institutions. It has since expanded to offer personal banking services.

The latest funding round saw participation from existing investors like London-based Development Partners International and private equity firm Lightrock, along with new investors, Google's Africa Investment Fund and Verod Capital.

Sources stated that this funding round valued Moniepoint at over $1 billion, granting it "unicorn" status, a term used for tech firms with valuations exceeding a billion dollars.

The new capital will facilitate Moniepoint's accelerated growth across Africa and the development of an integrated platform for businesses. Moniepoint has said, "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."

Nigeria stands as the fastest-growing fintech market in Africa, with over 200 million residents, many of whom still lack access to essential financial services.

In August of the previous year, Moniepoint commenced offering personal banking services and currently processes over 800 million transactions, with a monthly value exceeding $17 billion.