Google’s Africa Investment Fund has decided to invest in African fintech Moniepoint, which recently secured $110 million in new funding. This Series C round, which involved selling equity, was led by Development Partners International’s African Development Partners (ADP) III fund. Other investors, such as African private equity firm Verod Capital, global impact firm Lightrock, and an existing investor, also took part in the financing. Moniepoint, with support from QED Investors, British International Investment (BII), and Endeavor Catalyst, has now raised more than $180 million since its establishment in 2015.
The Financial Times reported that this funding round has propelled Moniepoint to unicorn status, meaning the company is now valued at over $1 billion. Just two years ago, the African fintech was valued at nearly $800 million in a round led by QED. Originally known as TeamApt, Moniepoint initially focused on providing infrastructure and payment solutions for banks and financial institutions before shifting its focus to serving as a business banking provider, a move that has proven to be highly successful.
Moniepoint offers a wide range of services to small and medium-sized businesses (SMBs) throughout Nigeria, enabling them to access various features to streamline their operations. These services include working capital, business expansion loans, as well as business management tools like expense management, accounting and bookkeeping solutions, and insurance. In 2022, Moniepoint reported serving 400,000 SMBs and processing $100 billion in annualized run-rate transactions. Furthermore, the company generated over $100 million in annualized revenue that year, a figure that would have doubled if not for Nigeria’s currency devaluation. Moniepoint now boasts processing over 800 million transactions, with a monthly total value exceeding $17 billion.
With the new funding, Moniepoint plans to accelerate its expansion across Africa, particularly in Nigeria where 90% of its business originates. The company aims to create an all-in-one platform for businesses of all sizes in Africa, offering digital payments, banking, foreign exchange, credit, and business management tools. Despite being nine years old, the fintech recently entered the personal banking market and has seen a 20x increase in its customer base over the past year.
