Moniepoint, a leading Nigerian fintech company, has announced a significant $110 million investment led by Google’s Africa Investment Fund, Development Partners International (DPI), and Verod Capital. This funding round has propelled Moniepoint to unicorn status, with a valuation now exceeding $1 billion.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint initially focused on providing infrastructure and payment solutions for banks and financial institutions. Over the years, the company has expanded its services to include personal banking, digital payments, foreign exchange, credit, and business management tools. Moniepoint now processes over 800 million transactions monthly, with a total value surpassing $17 billion.
The latest funding will be used to accelerate Moniepoint’s growth across Africa, aiming to build an all-in-one platform for businesses. This platform will offer a comprehensive suite of services, including digital payments, banking, foreign exchange, credit, and business management tools. The investment underscores strong confidence in Moniepoint’s ability to drive financial inclusion and foster economic development across the continent.
Tosin Eniolorunda, CEO of Moniepoint, expressed gratitude for the support from Google and other investors, stating, “This investment will enable us to expand our services and reach more businesses and individuals across Africa, helping to drive financial inclusion and economic growth.”
With this milestone, Moniepoint joins the ranks of Africa’s top fintech unicorns, including Interswitch, Opay, Flutterwave, Andela, and MNT Halan. The company’s commitment to providing innovative financial solutions has made it a key player in Nigeria’s rapidly growing fintech market.
As Moniepoint continues to expand its footprint, the future looks promising for the company and the many businesses and individuals it serves across Africa.