Moniepoint, a top African fintech business, has managed to gather $110 million in a series C equity funding round, boosting its value to more than $1 billion and making it Africa’s newest unicorn.
The funding round was headed by Development Partners International’s African Development Partners (ADP) III fund, with major investors like Google’s Africa Investment Fund, Verod Capital, and current investor Lightrock also taking part.
This substantial investment will help Moniepoint grow across Africa and create a comprehensive platform offering various services such as digital payments, banking, foreign exchange, credit, and business management tools.
According to Temitayo Jaiyeola, this funding achievement is a big deal for Moniepoint, which had previously received $55 million in investments. The company’s value now exceeds $1 billion, as reported by the Financial Times.
Moniepoint is now part of a special group of African companies, like Interswitch, Opay, Flutterwave, Wave, Andela, and MNT Halan, that have become unicorns, according to information from WeeTracker’s unicorn tracker.
This success in funding comes at a time when investments in African startups are decreasing. In the first three quarters of 2024, total funding reached $1.4 billion, which is a 38% drop from the same time last year, as reported by Africa: the Big Deal.
Moniepoint has grown a lot, with over 800 million transactions handled and a monthly total value of more than $17 billion. The company has seen a 2,000% growth in personal banking over the past year.
Tosin Eniolorunda, the Founder and Group CEO of Moniepoint Inc., said, “This funding will help us speed up our work to include more people in the financial system and support Africa’s business potential. I thank the whole Moniepoint team for this achievement.”
