Moniepoint Secures $110M in Series C Funding, Achieving Unicorn Status in African Fintech
Moniepoint has done it again! This Nigerian fintech powerhouse has been on a roll, and in 2023 alone, they handled an incredible 5.2 billion transactions. That’s right – 5.2 billion!
Their growth hasn’t gone unnoticed, and they’re quickly rising through the ranks of Africa’s tech and finance scene.
And now? They’ve just taken things up a notch. Moniepoint has landed a whopping $110 million in Series C funding!
This major round was led by Development Partners International (DPI), but they weren’t the only ones jumping on board. Big names like Google’s Africa Investment Fund and Verod Capital also joined the party, alongside their longtime backer, Lightrock.
This fresh round of funding isn’t just about numbers. It’s going to almost triple Moniepoint’s valuation. Remember back in 2022 when they were valued at $400 million? Well, they were eyeing that elusive $1 billion “unicorn” status back then, but it didn’t quite happen.
Now, they’ve hit the mark, making Moniepoint Africa’s eighth unicorn, joining an elite club alongside big players like Flutterwave, Interswitch, and Wave.
Don’t go yet! There’s more: the funding round also featured a secondary sale at a discount, giving existing investors a chance to cash in while new ones snagged an opportunity to ride Moniepoint’s growth.
Moniepoint’s story isn’t just about high transaction volumes. They are genuinely reshaping banking for Nigerians by offering everything from retail banking to support for small and medium businesses.
In 2023, the Financial Times recognized them as the second-fastest-growing company in Africa. Their revenue has skyrocketed from $62.6 million in 2021 to over $100 million, according to insiders.
The different challenges like naira devaluation did not stop Moniepoint from slowing down. They grew transaction value by over 205% last year, handling over $150 billion!
For now, they’re keeping quiet about these milestones, but one thing’s clear – Moniepoint is on a mission, and they’re just getting started.
