The Nigerian fintech company Moniepoint announced on Tuesday that it has secured $110 million in fresh funding from investors, including Google, to enhance digital payments and banking solutions throughout Africa.
Having commenced operations in 2015 by providing infrastructure and payment services for banks and financial institutions, Moniepoint has expanded to include personal banking services.
This recent funding round involved contributions from current investors such as Development Partners International, based in London, and private equity firm Lightrock, while Google‘s Africa Investment Fund and Verod Capital joined as new investors.
Sources reported that the recent investment placed Moniepoint’s valuation over $1 billion, securing its status as a “unicorn”—a label for tech companies valued at a billion dollars or greater.
The newly acquired funds will be utilised to accelerate Moniepoint’s expansion throughout Africa and create a cohesive platform for businesses.
“This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said.
In Nigeria, the fastest-growing fintech hub in Africa, over 200 million people lack access to financial services like banking.
Moniepoint launched its operations in August 2023 and has amassed over $17 billion with 800 million transactions.