Moniepoint Joins Unicorn Club with $110M Raise to Expand Across Africa

Business Verge| Moniepoint Joins Unicorn Club with $110M Raise to Expand Across Africa

Moniepoint, a leading African fintech firm, has successfully raised $110 million in a funding round led by British private equity firm Development Partners International (DPI). This significant round brings Moniepoint into the prestigious “unicorn” status, symbolizing a valuation over $1 billion. Additional investments came from Google’s Africa Investment Fund, Verod Capital, and Lightrock, emphasizing strong international confidence in Moniepoint’s impact and potential.

Moniepoint has set its sight on expanding across Africa and now plans to begin its next phase in Kenya, where it is finalizing the acquisition of Kenyan fintech firm KopoKopo. This strategic acquisition will enable Moniepoint to enter the Kenyan market while bolstering its existing suite of services.

Founded in 2015 as TeamApt, Moniepoint initially developed software for Nigerian financial institutions but pivoted to providing agency banking solutions. This shift catalyzed rapid growth, establishing it as one of Nigeria’s largest agency banking networks. In 2023, the company rebranded and expanded its offerings to include digital banking solutions for both individuals and businesses. Today, Moniepoint processes 800 million transactions monthly, valued at over $17 billion, and serves over 10 million users.

Investor Confidence and Strategic Vision

Development Partners International’s Partner, Adefolarin Ogunsanya, expressed confidence in Moniepoint’s growth trajectory, citing its impressive leadership, strategic vision, and focus on driving financial inclusion for underserved communities across Africa. According to Ogunsanya, “Moniepoint’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success.”

Moniepoint’s journey to unicorn status was not solely a result of external funding; the fintech has reported strong revenue growth, with a compound annual growth rate (CAGR) exceeding 150% and leading gross profit and EBITDA margins in the industry. The company’s financial performance reflects its ability to operate profitably even while scaling.

With this fresh capital, Moniepoint aims to accelerate its mission of financial inclusion, supporting small and medium-sized businesses across Africa. Co-founder and CEO Tosin Eniolorunda explained, “Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure.” Eniolorunda highlighted that this funding round would enhance Moniepoint’s capacity to support Africa’s entrepreneurial spirit while advancing financial access and innovation.

Industry Recognition and Future Potential

Moniepoint’s rapid ascent in the fintech sector has not gone unnoticed. In May 2024, the Financial Times recognized Moniepoint as one of Africa’s fastest-growing fintech companies for the second year in a row. This acknowledgment underscores the impact Moniepoint has made in the African financial sector, especially in promoting digital financial services and financial inclusion.

The backing from DPI, Google’s Africa Investment Fund, Verod, and Lightrock underscores the trust and belief in Moniepoint’s impact on Africa’s financial ecosystem. As Moniepoint expands beyond Nigeria and into new African markets, the company is set to play a critical role in transforming financial services on the continent, ultimately bridging the financial inclusion gap and empowering millions of businesses and individuals.

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