Credit: Tosin Eniolorunda/Instagram
Nigeria’s renowned fintech startup, Moniepoint Inc., has successfully raised $110 million in a Series C funding round led by Development Partners International. Joining this impressive roster of investors are Google’s Africa Investment Fund, Verod Capital, and Lightrock.
“Today, I’m thrilled to announce Moniepoint has raised $110 million—a milestone in our mission to bring financial happiness to millions across Africa! This is just Day One, and we’re eager to keep powering more dreams,” shares Tosin Eniolorunda, co-founder and Group CEO of Moniepoint.
Since its inception in 2015, Moniepoint has been pivotal in reshaping the financial experience for millions, both directly and indirectly through innovative technology.
“We’ve done this very successfully, and today, we’re Nigeria’s largest merchant acquirer and in-person payments platform, with 2 out of 3 adults in Nigeria making payments via a Moniepoint terminal. Moniepoint currently processes over 800 million transactions, with a monthly total value exceeding US$17 billion, while operating profitably,” Tosin explains.
The capital raised will be utilised to accelerate Moniepoint’s growth across Africa, as they work to build an all-in-one, seamlessly integrated platform for businesses of all sizes. Tosin highlights in a news article announcing the funding that this platform will encompass services such as digital payments, banking, cross-border payments, credit, and business management tools, making it a one-stop shop for businesses.
Tosin believes the investment from Development Partners International (DPI), Google’s Africa Investment Fund, Verod, and Lightrock reflects Moniepoint’s significant impact on digital and financial inclusion, as well as its ability to foster economic activity and development. “It also speaks to our growth and profitability, with our revenue at over 150% CAGR in recent years and industry-leading gross profit and EBITDA margins,” he adds.
According to TechCabal, the “post-money valuation means Moniepoint will become the continent’s eighth unicorn, joining a select group that includes MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela.”