Moniepoint has successfully secured $110 million in equity financing, achieving unicorn status in the process. The Series C funding round was led by Development Partners International’s African Development Partners (ADP) III fund, with additional investments from Google’s Africa Investment Fund and Verod Capital. Existing investor Lightrock also participated in this funding round.
The fintech company plans to utilize the newly raised capital to accelerate its growth across Africa and develop a comprehensive, integrated platform for businesses. This platform will provide a range of services, including digital payments, banking, foreign exchange, credit, and business management tools.
As reported by the Financial Times, Moniepoint had previously raised $55 million from various investors, and this latest funding round has elevated its valuation to at least $1 billion. With this achievement, Moniepoint becomes the seventh startup unicorn on the African continent, joining the ranks of companies like Interswitch, Opay, Flutterwave, Wave, Andela, and MNT Halan.
This capital infusion comes at a time when funding for African startups is generally slowing down. According to the funding tracker Africa: the Big Deal, startups across the continent raised $1.4 billion in the first three quarters of the year, marking a 38% decline compared to the same period last year.
Moniepoint gained significant traction during a cash crunch crisis in 2023 and recently solidified its market position following technology upgrades that impacted many traditional banking applications. The company currently processes over 800 million transactions monthly, with a total value exceeding $17 billion while maintaining profitability. It has reported an impressive 2,000% growth since entering the personal banking sector last year.
Tosin Eniolorunda, founder and CEO of Moniepoint Inc., stated that the funds will expedite efforts to enhance financial inclusion and support entrepreneurship across Africa. He expressed gratitude to the entire Moniepoint team for their contributions to this achievement.
Adefolarin Ogunsanya, Partner at Development Partners International, emphasized that Moniepoint is well-positioned for continued growth due to its profitable business model and strong leadership team focused on driving financial inclusion for underserved businesses and individuals throughout Africa.
The Editor
