Moniepoint, a Nigerian fintech startup renowned for its rapid transaction growth, has achieved a significant milestone, raising $110 million in a Series C funding round led by Development Partners International (DPI). The funding round positions Moniepoint as one of Africa’s elite “unicorns,” valued at $1 billion, according to sources close to the deal.
Key Investors Back Moniepoint’s Expansion
Joining DPI in the funding round are notable new investors, including Google’s Africa Investment Fund and Verod Capital. Existing investor Lightrock, a global impact firm, also participated, showing continued confidence in Moniepoint’s potential and growth. This financing nearly triples Moniepoint’s valuation from its previous $400 million in 2022, when it raised $50 million.
Bloomberg previously reported Moniepoint’s intent to reach a $1 billion valuation, and this round marks the realization of that target. Additionally, the round included a secondary sale at a discounted valuation, which appealed to numerous investors, according to an investor familiar with the arrangement.
Scaling New Heights: A Fast-Growing Fintech Powerhouse
Founded in 2015, Moniepoint has emerged as a market leader in Nigeria’s agent banking space, providing essential retail banking services to small and medium businesses. In 2023 alone, it processed an impressive 5.2 billion transactions, totaling over $150 billion in value—a growth rate of over 205% year-over-year.
The Financial Times recently ranked Moniepoint as the second-fastest growing company in Africa, noting its annual revenues of $62.6 million in 2021. However, insiders suggest this figure has since surpassed $100 million, demonstrating Moniepoint’s strong upward trajectory.
Weathering Challenges with Resilience and Potential
Despite challenges like naira devaluation impacting growth in dollar terms, investors view Moniepoint as a solid venture with promising prospects in Africa’s fintech landscape. Its $1 billion valuation positions it alongside Africa’s top fintech names, including MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela, as one of only eight companies on the continent to reach unicorn status.
As Moniepoint continues its expansion, its impact on Africa’s financial inclusion landscape is expected to deepen, providing vital banking solutions to a growing number of businesses and individuals across Nigeria and beyond.