The prominent African financial technology company, Moniepoint, has successfully concluded a significant financing round, securing $110 million in new capital. This Series C funding round has vaulted the firm into the distinguished status of a unicorn, defined as a private company with a valuation of $1 billion or more. The investment effort was spearheaded by Development Partners International’s (DPI) African Development Partners (ADP) III fund.
A major new investor to join this funding cohort is Google’s Africa Investment Fund. Additional participation came from the African private equity firm Verod Capital and existing financial backer Lightrock. Moniepoint, which also counts among its key investors QED Investors, British International Investment (BII), and Endeavor Catalyst, has now accumulated total funding exceeding $180 million since its establishment in Nigeria in 2015.
According to analysis published by the Financial Times, this new valuation—at $1 billion or more—represents a substantial leap from the company’s last valuation, which was estimated at just over $800 million two years ago during a previous investment round led by QED.
Expansion and Dominance in the Nigerian Market
Moniepoint initially began its operations by concentrating on supplying infrastructure and payment solutions to traditional banks and other financial institutions. The company later executed a successful strategic pivot to focus entirely on becoming a comprehensive business banking provider, a segment where it has achieved considerable operational success and market dominance.
The African fintech primarily serves small and medium-sized businesses (SMBs) across Nigeria, providing them with a complete array of financial tools. These services include working capital access, business expansion loans, and advanced business management tools. The management tools cover essential functions such as expense management (through corporate payment cards), bookkeeping and accounting solutions, and insurance offerings.
Moniepoint has cemented its position as Nigeria’s largest merchant acquirer, claiming responsibility for powering the majority of point-of-sale (POS) transactions across the country. The company reports that it processes more than 800 million transactions, with the total monthly transaction value surpassing $17 billion.
Future Strategy Focused on African Growth and Product Diversification
The nine-year-old fintech enterprise plans to strategically deploy the newly raised capital to accelerate its expansion across the wider African continent. Currently, approximately 90% of its entire business operations and corresponding revenue are concentrated within Nigeria.
The fresh funds will be allocated toward building out and significantly enhancing its core product suite, which currently includes digital payments, full-scale banking services, foreign exchange (FX) capabilities, various credit products, and sophisticated business management tools.
Notably, Moniepoint recently ventured into the competitive personal banking market and claims to have seen customer growth multiply by a factor of 20x over the course of the past year, indicating a swift and effective diversification beyond its foundational business-to-business focus.
