Nigeria's Moniepoint Becomes Unicorn in $110M Round Led by DPI
TLDR
- Moniepoint, African fintech, secures $110M in Series C funding, achieving $1B valuation.
- Led by Development Partners International and Google's Africa Investment Fund.
- Offers services to SMBs in Nigeria, processing over 800M monthly transactions and total transaction value exceeding $17B.
Moniepoint, an African fintech formerly TeamApt, secured $110 million in Series C funding that propels the Nigerian startup’s valuation to $1 billion, granting it unicorn status, per the Financial Times.
This latest round was led by Development Partners International’s ADP III fund, with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock. Moniepoint, which pivoted from providing banking infrastructure to business banking, has raised over $180 million since its 2015 launch.
Moniepoint serves small and medium-sized businesses (SMBs) in Nigeria, providing services like working capital, loans, payment solutions, and business management tools. Processing over 800 million monthly transactions, with a total transaction value above $17 billion, Moniepoint has scaled rapidly, reaching 400,000 SMBs in 2022 and expanding into personal banking.
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Key Takeaways
Moniepoint’s transition to an all-in-one financial platform underscores the growth potential of Africa’s fintech sector. Despite Nigeria’s economic headwinds, the fintech reported over $100 million in annualized revenue in 2022 and continues to see strong demand, processing an annualized transaction volume of $100 billion. With 90% of its business rooted in Nigeria, Moniepoint plans to use the new funding to expand across Africa. It targets SMBs with a comprehensive suite that includes digital payments, credit, and FX services. Investors like Google, QED, and BII signal global confidence in Africa’s fintech future, spotlighting Moniepoint’s profitability and regional impact as key drivers of its unicorn valuation.
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