African fintech startup, Moniepoint now joins the list of African unicorns after its latest funding round. A couple of years ago, Africa had yet to produce a startup unicorn, but today, the continent is home to numerous billion-dollar, privately held companies. These unicorns, including Moniepoint, reflect Africa’s rapid emergence as a tech investment destination.
Pioneers like Interswitch, Flutterwave, Wave, Andela, and Chipper Cash have set the stage, each addressing critical needs in digital payments, financial inclusion, and mobile money services. While some unicorns, such as Jumia and Esusu, have faced market fluctuations, these companies continue to shape Africa’s tech-driven growth.
With its recent $110 million Series C funding, Moniepoint has now joined this elite group of African unicorns. The round, led by Development Partners International (DPI) with support from Google’s Africa Investment Fund and Verod Capital, values the Nigerian fintech at over $1 billion. The latest investment brings Moniepoint’s total funding to $195.5 million, following a prior $55 million round.
Founded in 2015 as TeamApt, Moniepoint initially focused on banking infrastructure and has since evolved into Nigeria’s leading business banking platform, handling over 800 million transactions monthly, with a value surpassing $17 billion. In 2023 alone, Moniepoint reports processing over 5.2 billion transactions.
Expanding Beyond Business Banking
Moniepoint’s success in business banking has paved the way for expansion beyond Nigeria. With plans to enter new African markets, the company offers a suite of tools, from digital payments to foreign exchange and credit, designed to empower small and medium-sized enterprises (SMEs).
Moniepoint is also set to shake up the personal banking sector by entering the consumer market to compete with OPay and PalmPay. CEO Tosin Eniolorunda emphasized Moniepoint’s commitment to promoting “financial happiness” through accessible financial solutions that cater to the unique challenges faced by African entrepreneurs and small businesses.
A Rising Star in Africa’s Fintech Ecosystem
Africa’s economy, where 83% of employment falls within informal sectors, offers immense opportunities for financial inclusion. Moniepoint’s rise highlights investor confidence in tech-driven economic growth, with the company reporting a 2,000% increase in personal finance customers and 150% annual revenue growth over the past year.
As Moniepoint scales across Africa, it positions itself as a comprehensive financial services platform, supporting businesses and individuals alike. By joining the ranks of Africa’s unicorns, Moniepoint reinforces the continent’s tech journey, offering innovative solutions for financial inclusion that could reshape the region’s economic landscape.
