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Moniepoint raised $110 million in a Series C funding round, achieving unicorn status with a valuation over $1 billion. The investment, led by Development Partners International, will enhance Moniepoint’s all-in-one platform for digital payments and financial services, solidifying its position in Africa’s fintech landscape. ..ALSO READ FULL FROM SOURCE ↔️
Moniepoint has successfully raised $110 million in a Series C funding round, propelling the fintech company into the exclusive realm of unicorns with a valuation surpassing $1 billion. This significant investment was spearheaded by Development Partners International’s African Development Partners (ADP) III fund, with participation from Google’s Africa Investment Fund, Verod Capital, and existing investor Lightrock.
The newly acquired capital will be instrumental in accelerating Moniepoint’s growth across the African continent, facilitating the development of an integrated platform designed to offer a comprehensive suite of services, including digital payments, banking, foreign exchange, credit, and business management tools.
Despite a general slowdown in investment within the African startup ecosystem, which saw funding drop by 38% to $1.4 billion in the first three quarters of the year, Moniepoint’s success marks a notable achievement. The company has quickly gained traction, especially after overcoming challenges during the cash crunch crisis of 2023, solidifying its market presence following technology upgrades that left many traditional banking applications struggling.
Moniepoint currently processes over 800 million transactions, with a monthly transaction value exceeding $17 billion, demonstrating impressive growth, particularly in the personal banking sector where it has achieved a staggering 2,000% increase over the past year. Tosin Eniolorunda, the founder and CEO, expressed gratitude to the Moniepoint team for their contributions, while Adefolarin Ogunsanya, a partner at Development Partners International, emphasized the company’s strong leadership and strategic vision, setting the stage for continued growth and financial inclusion across Africa. ..ALSO READ FULL FROM SOURCE ↔️
