Moniepoint, the Nigerian fintech, has closed its Series C round, raising $110 million in total. The round was led by Development Partners International’s African Development Partners (ADP) III fund.
Other investors included African private equity firm Verod Capital, global impact firm Lightrock, and Google’s Africa Investment Fund.
Moniepoint has raised $180 million since its launch in 2015.
Digging Deeper
Moniepoint says it will use the new funding to accelerate its growth across Africa (90% of its business comes from Nigeria) as it builds an “all-in-one platform for African businesses of all sizes,” which includes digital payments, banking, foreign exchange (FX), credit, and business management tools.
Between The Lines
According to the Financial Times, the round makes Moniepoint a unicorn, that is, a private company with a valuation of $1 billion or more.
About the Company
The African fintech provides services to small and medium-sized businesses (SMBs) across Nigeria that allows them to access various features to manage operations, including working capital, business expansion loans, and business management tools such as expense management (business payment cards), accounting and bookkeeping solutions, and insurance.
By The Numbers
In 2022, Moniepoint claimed to serve 400,000 SMBs while processing $100 billion in annualized run-rate transactions.
The profitable fintech now claims to process over 800 million transactions, with a monthly total value exceeding US$17 billion.
Source: Techcrunch
