Google, Others Invests $110m in Moniepoint to Rival Flutterwave as It Achieves Unicorn Status
- Nigerian fintech firm and microfinance bank Moniepoint has secured $110 million in funding from investors
- The latest Series C round is led by African Partners (ADP) II fund, Google’s Africa Investment Fund, Verod Capital and Lightrock
- The latest funding elevates Moniepoint to unicorn status, with $1 billion in valuation alongside Opay, Interswitch and others
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
One of Nigeria’s fintech giants, Moniepoint, which also operates as a microfinance bank, has raised $110 million in equity financing, achieving unicorn status.
Development Partners International’s African Partners (ADP) III Fund led the Series C investment.
Source: Getty Images
Google partners to invest in Moniepoint
Other new investors include Google’s Africa Investment Fund Verod Capital and Lightrock, an existing investor.
Moniepoint said it will use the fund to accelerate its growth across Africa and build an all-in-one seamlessly integrated platform for businesses.
The platform will offer digital payments, banking, foreign exchange, credit, and business management tools.
TechCrunch reports that FinTech has raised $55 million from investors, and its new funding series has raised its valuation to about $1 billion.
Moniepoint achieves a unicorn status
Data from WeeTracker says that Moniepoint is now Africa’s seventh unicorn after Interswitch, Opay, Flutterwave, Andela, and MNT Halan. A unicorn is a startup with about $1 billion in valuation.
The company’s capital raise comes amid a fund drought for African startups.
Funding tracker Africa says the Big Deal and others raised $1.4 billion in the first three quarters of 2024, a 38% drop relative to the same period in 2023.
Moniepoint, which won the Best Bank for SMEs award in 2023, became popular after the infamous cash scarcity.
After technology upgrades affected many conventional bank apps, the company recently boosted its market share.
Moniepoint processes over $17bn worth of transactions
The fintech firm said it processes over 800 million transactions, with a monthly volume surpassing $17 billion as it maintains profitability.
According to reports, Moniepoint has experienced 2,000% growth since entering personal banking last year.
Tosin Eniolorunda, founder and group CEO of Moniepoint, said the proceeds from the latest capital funding will accelerate the company’s efforts to drive financial inclusions and support Africa’s entrepreneurial potential.
Kuda Bank challenges Access others, grows customer base
Legit.ng earlier reported that Kuda Bank reached a growth trajectory via its strides in the Nigerian fintech space through disrupting marketing and improving banking applications that compete favourably with conventional banks.
Despite complaints of regular downtime by its customers, who are mostly young, the bank remained resilient.
Babs Ogundeyi, the group CEO/founder of Kuda Technologies Limited, says the milestone is part of the bank’s unrelenting commitment and the resilience of the Kuda team to build sustainable and creative solutions that enable Africans to enjoy affordable and quality financial services at all times.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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