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Moniepoint, a Nigerian fintech startup backed by Google among others, has raised $110 million at a $1 billion valuation, joining the African unicorn club of the likes of Interswitch, Flutterwave, Jumia among others.
The $110 million in equity financing was from Development Partners International’s African Development Partners (ADP) III fund, Google’s Africa Investment Fund and Verod Capital.
In this latest capital raise – DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has grown into Nigeria’s leading business banking provider, trusted by millions of businesses processing over 800 million transactions monthly, with the total value exceeding $17 billion—all while operating profitably.
According to Tosin Eniolorunda, Founder and Group CEO of Moniepoint:“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. 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.”
In August 2023, Moniepoint entered the personal banking market through its subsidiary, Moniepoint Microfinance Bank, experienced 2,000% growth in personal finance customers over the past year. The capital raised will be used to accelerate Moniepoint’s growth across Africa and launch services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.
Adefolarin Ogunsanya, Partner at Development Partners International, said, “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 payments services.”