Moniepoint raises $110 million to become an African unicorn

A decade ago, Africa didn’t have a single startup unicorn, but today, that landscape has shifted. The continent now hosts several privately-held startups valued over $1 billion, known as unicorns, reflecting Africa’s rise as a promising hub for tech investment.

Companies like Interswitch, Flutterwave, Wave, Andela, and Chipper Cash have paved the way, each addressing unique regional challenges in digital payments, financial inclusion, and mobile money services. While the path to unicorn status has fluctuated for some, like Jumia and Esusu, due to economic conditions, these unicorns continue to drive growth within Africa’s expanding tech sector.

Now, Moniepoint joins this exclusive list, following its recent $110 million Series C funding round. This latest round, led by Development Partners International (DPI) and supported by Google’s Africa Investment Fund and Verod Capital, values the Nigerian fintech at at least $1 billion. This new investment brings Moniepoint’s total funding to $195.5 million, including an earlier $55 million round.

Founded in 2015 as TeamApt, Moniepoint began by providing banking infrastructure and has since grown to become one of Nigeria’s largest business banking platforms—handling upwards of 800 million transactions, with a total monthly value exceeding $17 billion. The company also claims to have processed over 5.2 billion transactions in 2023 alone.

The new funding, according to Moniepoint, will fuel its expansion beyond Nigeria as it aims to serve businesses across Africa. The platform offers a wide range of tools, including digital payments, foreign exchange, and credit, designed to meet the diverse needs of small and medium enterprises.

With Africa’s largely informal economy, where 83% of employment falls outside formal structures, Moniepoint’s services could play a critical role in empowering entrepreneurs and business owners. CEO Tosin Eniolorunda emphasized that Moniepoint’s mission is to foster “financial happiness” by offering accessible, comprehensive financial solutions tailored to the continent’s unique challenges.

Moniepoint’s rise reflects investor confidence in the potential for tech-driven economic growth in Africa. In the last year alone, the company reports a 2,000% increase in personal finance customers and 150% annual revenue growth, pointing to a rising demand for its services. As Moniepoint scales its reach across the continent, its comprehensive platform aims to empower businesses of all sizes, providing a one-stop shop for essential financial services.

With this milestone, Moniepoint joins a select group of African unicorns, marking another step in the continent’s tech journey. As it continues to expand, Moniepoint is likely positioning to play a significant role in the evolution of digital and financial inclusion across Africa.