Moniepoint, a leading Nigerian fintech firm, has ascended to unicorn status after securing $110 million in a Series C funding round. The round was led by Development Partners International (DPI) and included notable participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock. This capital infusion marks a significant milestone for Moniepoint, whose valuation has now surpassed $1 billion, joining an exclusive league of African tech unicorns such as Flutterwave, Opay, and Andela.
Founded in 2015, the fintech firm has grown rapidly to become one of Nigeria’s foremost fintech companies, providing various financial services to retail customers and small to medium-sized enterprises (SMEs). The firm processed an impressive 5.2 billion transactions in 2023 alone, reflecting a surge in demand for accessible financial services in Nigeria and the broader African market. According to sources close to the deal, the current round nearly triples Moniepoint’s valuation from 2022, when it raised $50 million with a valuation of around $400 million.
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Expanding Financial Inclusion Across Africa
The latest funding will enable Moniepoint to expand its integrated business banking platform across Africa and the diaspora. Tosin Eniolorunda, Moniepoint’s Founder and CEO, emphasized that the company’s mission is to foster financial inclusion and economic activity across the continent. “Our goal is to support Africa’s entrepreneurial potential by making our platform innovative, transparent, and secure,” Eniolorunda said. “The proceeds from this round will accelerate our efforts to drive financial inclusion and create economic opportunities for millions.”
Moniepoint has gained traction in Nigeria’s agent banking sector, a fast-growing area that brings banking services closer to underserved communities through local agents. This model broadens access to banking services and contributes to employment and economic empowerment, particularly in rural and peri-urban areas. Their financial inclusion initiatives have gained recognition from the Central Bank of Nigeria, which awarded it the National Inclusive Payment Initiative Award in 2022.
A Unique Growth Story with Global Backing
Moniepoint’s Series C funding round highlights the strong investor confidence in the fintech’s growth trajectory. In addition to DPI and Google’s Africa Investment Fund, Verod Capital, Lightrock, and other existing investors such as QED Investors and Novastar Ventures have supported Moniepoint’s vision. This extensive investor backing underscores Moniepoint’s significant role in Africa’s digital economy, which has witnessed rapid expansion driven by increased smartphone adoption and growing demand for digital financial solutions.
The fintech firm’s rapid expansion is mirrored in its financial performance. According to the Financial Times’ Africa’s Fastest-Growing Companies list, Moniepoint achieved annual revenues of $62.6 million in 2021. Sources close to the company estimate annualized revenues have now exceeded $100 million, marking a substantial growth rate. Though currency devaluation in Nigeria has impacted revenue in dollar terms, Moniepoint’s transaction value surged over 205% in 2023, reaching a total of $150 billion.
Joining the African Unicorn Club
With its $1 billion post-money valuation, Moniepoint joins the African unicorn club, which includes notable fintech and tech companies like Flutterwave, Chipper Cash, Wave, and Interswitch. Jumia was Africa’s first unicorn in 2016, followed by Interswitch in 2019. Flutterwave reached unicorn status in 2021 with a valuation of over $3 billion, cementing Africa’s rising potential in the global tech ecosystem. Moniepoint’s entry into this prestigious group marks a new chapter for African fintechs as global investors increasingly recognize the potential of the continent’s digital economy.
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Supporting SMEs and Accelerating Growth
Moniepoint’s impact extends beyond traditional banking services. By providing digital payments, foreign exchange (FX) solutions, credit, and business management tools, Moniepoint aims to become an all-in-one business solutions provider. This approach is particularly relevant in Africa, where small and medium-sized enterprises (SMEs) account for the majority of employment but often lack access to critical financial services.
Eniolorunda emphasized that they are committed to meeting the diverse needs of their customers. “We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness,” he stated.
As Moniepoint scales its operations and diversifies its offerings, it aims to build on its reputation for growth and profitability. The company’s compounded annual growth rate (CAGR) has exceeded 150% in recent years, a testament to its robust business model and innovative approach. Moniepoint is well-positioned to continue its upward trajectory in Africa’s fintech landscape by focusing on both growth and profitability.
A Vision for the Future
Moniepoint’s latest funding round underscores the importance of financial inclusion and digital transformation in Africa’s economic landscape. With the support of DPI, Google’s Africa Investment Fund, and other investors, Moniepoint is poised to make a lasting impact on the continent’s financial ecosystem. Its journey to unicorn status is a remarkable achievement for the company and a positive signal for Africa’s growing tech sector as it continues to attract global attention and investment.