Moniepoint, a Nigerian fintech startup that will execute 5.2 billion transactions in 2023, has raised $110 million in a Series C fundraising round headed by Development Partners International (DPI), according to two persons with direct knowledge of the transaction.
According to the Financial Times, the funding round elevates Moniepoint to the status of unicorn, a private firm valued at $1 billion or above.
The African fintech was last valued at slightly more than $800 million in a QED-led round two years ago.
Other investors, notably African private equity firm Verod Capital and current investor Lightrock, also took part.
Founded in 2015, Moniepoint began by developing software for Nigerian financial institutions under the moniker TeamApt before transitioning to agency banking solutions.
That transition fueled its expansion as it established one of Nigeria’s largest agency networks.
In 2023, the company rebranded to reflect its decision to enter the digital banking industry with personal and business banking offerings.
It claims it has processed 800 million transactions valued at more than $17 billion each month and is purportedly profitable. It also serves over ten million businesses and consumers.
“A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.
“The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success,” Adefolarin Ogunsanya, Partner at Development Partners International, said in a statement.
Moniepoint intends to use the fresh capital to speed its expansion across Africa (90% of its business comes from Nigeria), as it develops digital payments, banking, foreign exchange (FX), credit, and business management capabilities.
We earlier reported that Rise, a fintech company based in Nigeria that provides its clients with access to specific international assets, has completed the acquisition of Hisa, a startup in Kenya.
