Moniepoint, a Nigerian fintech firm, has secured a significant investment of $110 million from a consortium of investors, including Google’s Africa Investment Fund, Development Partners International, Verod Capital, and existing investor Lightrock. This substantial funding round has elevated Moniepoint to unicorn status, signifying a valuation exceeding $1 billion.
The funds raised will be utilized to fuel the expansion of Moniepoint’s integrated business banking platform across Africa and the diaspora. The company aims to build a comprehensive all-in-one business solutions platform, encompassing digital payments, banking, foreign exchange, credit, and business management tools.
Moniepoint’s mission aligns with broader efforts to promote financial inclusion in Africa. The company has demonstrated significant growth and profitability, with revenue increasing by over 150% CAGR in recent years. This strong performance has attracted the attention of leading investors, who recognize the potential of Moniepoint to drive economic development and empower businesses across the continent.
This investment from Google marks a significant milestone for both the company and the Nigerian tech ecosystem. It highlights the growing interest of global tech giants in Africa’s burgeoning startup scene. As Moniepoint continues to scale its operations and expand its product offerings, it is poised to become a major player in the African fintech landscape.