What’s the Buzz?
Nigerian fintech Moniepoint just raised $110 million in a Series C funding round led by Development Partners International (DPI). New players like Google’s Africa Investment Fund and Verod Capital joined the mix, along with existing investor Lightrock. This fresh capital is set to nearly triple Moniepoint’s valuation, hitting the coveted $1 billion mark and officially making it Africa’s eighth unicorn!
Who Are They?
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint is a one-stop financial ecosystem that serves over 10 million businesses and individuals. As Nigeria’s largest merchant acquirer, they process a staggering $17 billion monthly across their platform. With this funding, Moniepoint plans to enhance its offerings, including digital payments, banking, foreign exchange, and business management tools.
What’s Next?
Despite challenges like naira devaluation, Moniepoint processed 5.2 billion transactions worth over $150 billion in 2023, a massive 205% increase in transaction value! With ambitious plans for expansion across Africa, Moniepoint is poised to drive financial inclusion and support entrepreneurs. As CEO Eniolorunda puts it, “We’re just getting started!”
