Nigerian fintech, Moniepoint has attained “unicorn” status, with its latest $110m funding from investors.
The Series C funding round was led by Development Partners International (DPI), a London-based private equity firm.
Other investors in the round include ;
Google’s Africa Investment Fund ,
Verod Capital,
Global impact firm, and
Lightrock
The funding round also included a secondary sale with a discounted valuation, which was ideal for many investors
The investment has boosted Moniepoint’s valuation to over $1bn for the first time and has earned it a unicorn status.
According to the company,
“The capital raised will be used to accelerate Moniepoint’s growth across Africa,”
The new unicorn aims to build an all-in-one, seamlessly integrated platform for African businesses of all sizes.
The platform will include services such as
- digital payments,
- banking,
- foreign exchange,
- credit, and
- business management tools.
This will makes it a one-stop shop for business solutions.
About Moniepoint
Moniepoint provides retail banking services and also caters to small and medium businesses.
It is one of the market leaders in Nigeria’s agent banking space.
In 2023, Moniepoint processed 5.2 billion transactions and was second on the Financial Times list of Africa’s fastest-growing companies.
Founded in 2015, Moniepoint will become Africa ‘s eighth unicorn.
Unicorns
In the startup ecosystem, a unicorn is a privately held company valued at more than $1bn and not publicly traded.
It will now be listed among other unicorns, a small club whose members include MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela .