Moniepoint has raised $110 million in a funding round to become the continent’s newest unicorn.
The round was led by Development Partners International, a British private equity firm, and included Google’s Africa Investment Fund, Verod Capital, and Lightrock.
The company will use the capital raised to fund its expansion across Africa, starting in Kenya, where it is close to completing the acquisition of KopoKopo for an undisclosed fee.
Founded in 2015, Moniepoint initially built software for financial institutions in Nigeria under the TeamApt name before switching to providing agency banking solutions. That switch drove its growth as it built one of the largest agency networks in Nigeria.
A rebrand followed in 2023 as the company chose to move into the digital banking space with personal and business banking solutions. It now processes 800 million transactions valued at over $17 billion monthly and is reportedly profitable. It also has more than 10 million businesses and individuals using it.
“A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa.
“The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success,” Adefolarin Ogunsanya, Partner at Development Partners International, said in a statement.
In May 2024, the fintech was recognised as one of Africa’s fastest-growing fintech companies for the second consecutive year by the Financial Times.
The investment from Development Partners International (DPI), Google’s Africa Investment Fund, Verod, and Lightrock underscores the significant impact Moniepoint is making in promoting digital and financial inclusion.
The company has reported impressive revenue growth, with a compound annual growth rate (CAGR) exceeding 150% in recent years, complemented by industry-leading gross profit and EBITDA margins.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure.
“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential,” Co-founder and CEO Tosin Eniolorunda added.
