Moniepoint reaches unicorn status with $110m funding

Nigerian fintech company Moniepoint has raised $110 million in new funding, backed by investors like Google, to expand digital payments and banking services across Africa. Since its 2015 inception as a payment infrastructure provider for banks, Moniepoint has grown to offer personal banking services, becoming a major player in Nigeria’s rapidly growing fintech market.

The funding round, supported by existing investors such as Development Partners International and Lightrock, and new entrants Google’s Africa Investment Fund and Verod Capital, values Moniepoint above $1 billion, marking its entry into “unicorn” status. The company plans to use the funds to develop an integrated business platform offering digital payments, banking, credit, and business management tools.

With a customer base in Nigeria‘s vast, underserved financial market, Moniepoint says it processes over 800 million transactions each month, valued at more than $17 billion. This new funding will help accelerate its mission to provide accessible financial solutions across Africa.