By Adedapo Adesanya
Moniepoint has attained a unicorn status, with its value now over $1 billion after it received fresh funding of about $110 million from investors, including Google, a statement made available to Business Post on Tuesday disclosed.
The Nigeria-based fintech received the new capital injection from a funding round led by the London-based private equity firm, Development Partners International, and supported by Google’s Africa Investment Fund.
Moniepoint, which had already previously raised $55 million from investors, operates in the fast-growing fintech market in Nigeria and will use the money to support its expansion.
Moniepoint alongside other payment platforms recorded massive growth as a Central Bank of Nigeria (CBN) cashless policy and Naira redesign forced many Nigerians to adopt digital transactions.
Moniepoint alongside OPay and PalmPay became the leading fintech seizing on barriers in traditional banking services to cater to Nigeria’s rising digital savvy population due to the nature of fast transactions, ease of entry, and simple user experience.
Moniepoint’s financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth – a vital necessity given about 83 per cent of employment across Africa is in the informal economy.
Kenya, East Africa’s largest market, could be the next market the fintech is targeting.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure.
“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.
“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here,” the chief executive of Moniepoint, Mr Tosin Eniolorunda, was quoted as saying in the statement.
“We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest-growing companies. A profitable business led by an excellent leadership team with a clear strategic vision, Moniepoint is well-positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.
“DPI has a long track record of supporting businesses like Moniepoint to achieve their next stage of scale. The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success.
“We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payment services,” a Partner at Development Partners International, Adefolarin Ogunsanya, stated.