A Nigerian fintech startup known as Moniepoint processed 5.2 billion transactions in 2023 and has recently secured $110 million in a Series C funding round. Development Partners International (DPI) led the funding round, with other new investors including Google’s Africa Investment Fund and Verod Capital. Lightrock, an existing investor, also participated in this round.
The latest funding has nearly tripled the company’s valuation from around $400 million in 2022 to an estimated $1 billion. This makes Moniepoint the continent’s eighth unicorn company, joining the ranks of other successful startups like MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela.
The funding round also involved a secondary sale with a discounted valuation, appealing to many investors. Moniepoint offers retail banking services and serves small and medium businesses, positioning itself as a leader in Nigeria’s agent banking sector. The company was recognized as the second-fastest-growing company in Africa in 2023 by the Financial Times.
Despite challenges like naira devaluation impacting growth in dollar terms, Moniepoint remains a promising company with a strong performance record. In 2023, the company achieved a significant growth rate, processing transactions worth over $150 billion, a 205% increase compared to the previous year.
Moniepoint has refrained from commenting on any details related to the funding round.