Nigeria’s Moniepoint Reaches Unicorn Status with $110M Funding to Boost Fintech Services Across Africa

Nigerian fintech company Moniepoint has secured $110 million in funding from prominent investors, including Google, to accelerate its digital payment and banking services expansion across Africa. Launched in 2015 as an infrastructure provider for banks, Moniepoint now offers a suite of personal and business banking services.

The latest funding round, which included new investors Google’s Africa Investment Fund and Verod Capital, as well as existing backers like Development Partners International and Lightrock, reportedly values Moniepoint above $1 billion, marking its entry into the “unicorn” club. The new funds will bolster Moniepoint’s integrated platform for businesses, providing services like digital payments, FX, credit, and management tools.

With Nigeria’s population exceeding 200 million and a large portion still unbanked, Moniepoint’s efforts aim to capitalize on the nation’s rapidly growing fintech market. The company processes over 800 million transactions monthly, valued at more than $17 billion, reflecting its strong positioning in Africa’s financial landscape.