Nigeria’s fintech powerhouse Moniepoint has officially attained unicorn status, following a $110 million funding round backed by major investors including Google, Development Partners International, and private equity firm Lightrock. This new capital infusion will fuel the company’s ambitious expansion across Africa, enhancing its digital payments and banking solutions.
Founded in 2015, Moniepoint initially provided infrastructure for banks and financial institutions but has since broadened its scope to offer personal banking services. The latest round also saw the participation of new investors such as Google’s Africa Investment Fund and Verod Capital, bringing Moniepoint’s valuation to over $1 billion.
With this funding, Moniepoint plans to accelerate growth and create a comprehensive platform that integrates digital payments, banking, foreign exchange, credit, and business management tools for African businesses.
Moniepoint processes over 800 million transactions monthly, valued at more than $17 billion, and aims to leverage Nigeria’s rapidly expanding fintech market, fueled by a population of over 200 million with significant gaps in financial access.
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