Nigerian fintech startup Moniepoint has successfully raised $110 million in a Series C funding round, led by Development Partners International (DPI). This significant investment, which nearly triples the company’s valuation to $1 billion, positions Moniepoint as Africa’s newest unicorn.
Other notable investors participating in the round include Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock.
Moniepoint, founded in 2015, has rapidly grown to become a leading player in Nigeria’s fintech landscape. The company provides a range of financial services, including retail banking and solutions for small and medium-sized businesses. Its strong presence in agent banking has been a key driver of its success.
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In 2023, Moniepoint processed an impressive 5.2 billion transactions, worth over $150 billion. This remarkable growth, coupled with its strong financial performance, has attracted significant investor interest.
The fresh capital infusion will enable Moniepoint to further expand its operations, invest in technology, and strengthen its market position. As Nigeria’s economy continues to evolve, fintech companies like Moniepoint are poised to play a pivotal role in driving financial inclusion and economic growth.
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