Moniepoint, one of Nigeria’s largest merchant payment platforms, has secured $110 million in its Series C funding round. The round, which was backed by some of the big names in the investment market, propelled Moniepoint’s valuation to $1 billion and earned it the coveted unicorn status.
The investment round was led by Development Partners International (DPI), with notable participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint has evolved from a payment infrastructure provider for banks to become a comprehensive business banking platform. The company currently processes over 800 million transactions monthly, with a total value exceeding $17 billion, making it a dominant force in Nigeria’s financial technology sector.
The fintech giant, which employs over 2,000 people across 20 countries, has witnessed remarkable growth, achieving a 150% compound annual growth rate in recent years. Its impact extends to two-thirds of Nigerian adults who make payments through Moniepoint terminals, establishing it as the country’s largest merchant acquirer.
Moniepoint co-founder, Tosin Eniolorunda, stated that the investment validates the team’s dedication over nearly a decade, noting that the company plans to use the fresh capital to accelerate its pan-African expansion and enhance its integrated platform offering digital payments, banking, foreign exchange, credit, and business management tools.
Read also: Nigerian court orders release of Binance executive after seven months in detention
The funding comes at a crucial time for Africa’s fintech sector, particularly in Nigeria, where despite having over 200 million people, many still lack access to basic financial services. Moniepoint’s recent venture into personal banking has already shown promising results, with a reported 2,000% growth in personal finance customers over the past year.
This investment marks one of the largest funding rounds for an African startup in 2024, demonstrating continued investor confidence in the continent’s digital financial services sector despite the current global funding slowdown.