In a significant milestone for Africa’s fintech industry, Nigerian-based Moniepoint has achieved a $1 billion valuation following a $110 million investment round led by prominent investors, including Google. This funding not only propels Moniepoint into the coveted unicorn club but also underscores its pioneering role in revolutionizing financial services across the continent.

Investment Details

The $110 million investment round saw participation from:

• Google, through its Africa Investment Fund
• Development Partners International’s (DPI) African Development Partners (ADP) III fund
• Other existing investors

This infusion of capital will enable Moniepoint to expand its services, enhance product offerings, and deepen its presence in existing markets.

Moniepoint’s Impressive Growth Trajectory

Founded in 2019, Moniepoint has demonstrated remarkable growth, driven by its innovative approach to financial inclusion. Key statistics highlighting its success include:

• Processing $17 billion monthly in 800 million transactions
• Managing 10 million bank accounts for businesses and individuals
• Facilitating 72 million card transactions on Moniepoint terminals monthly
• Expanding its services to over 100,000 businesses across Nigeria and other African countries

Moniepoint’s Impact on Africa’s Fintech Landscape

Moniepoint’s achievements have significantly contributed to Africa’s fintech growth story:

• Bridging financial gaps for MSMEs (Micro, Small, and Medium-sized Enterprises) and individuals
• Enhancing financial inclusion through accessible, user-friendly services
• Fostering economic development by facilitating cross-border payments and trade

Investor Confidence

Google’s investment in Moniepoint demonstrates the tech giant’s commitment to Africa’s digital economy. Commenting on the investment, Google’s Africa Investment Fund Lead, Yele Bademosi, stated: “Moniepoint’s innovative approach to financial services aligns with our vision for Africa’s digital future.”

DPI’s Partner, Runa Alam, added: “Moniepoint’s impressive growth and commitment to financial inclusion make it an attractive investment opportunity.”

Future Outlook

With its newfound unicorn status, Moniepoint is poised to:

• Scale its services across Africa, targeting new markets and customer segments
• Develop innovative products and solutions addressing specific financial needs
• Strengthen partnerships with financial institutions, telcos, and other stakeholders

Moniepoint’s remarkable journey serves as a testament to the potential of African fintech and its role in shaping the continent’s economic future.

Source: Naira metrics