What is better than funding? More funding.
Three months after raising its $110 million Series C funding round, Moniepoint, a Nigerian fintech company, has secured a new investor: Visa.
Visa has made a strategic investment of around $10 million in Moniepoint, known for providing banking services to SMEs and individuals.
This investment by Visa is part of its strategy to invest in promising African startups like Interswitch, Flutterwave, and Paystack to expand its payment services.
With this new funding, Moniepoint aims to enhance its contactless payment services, which are considered the next big trend in the payments industry.
Moniepoint’s unique advantage lies in its proprietary technology for both cards and POS machines, in addition to Visa’s expertise, positioning the company for rapid growth in the contactless payments market.
Apart from Nigeria, Moniepoint is exploring opportunities to expand into other markets, such as Kenya, by potentially acquiring Kenyan fintech company Kopo Kopo to establish a strong presence in the region’s growing demand for advanced payment systems.
As Moniepoint strengthens its payments infrastructure, it is set to become a key player in the contactless payments sector, facing competition from other players like PalmPay, a fintech subsidiary of Transsion, with similar ambitions in the market.