Nigerian Moniepoint raises $110m to expand African FinTech solutions

Nigeria-based fintech Moniepoint has secured $110 million in new funding from investors, including Google, to expand its digital payments and banking services across Africa.

Launched in 2015 to provide banking infrastructure and payment solutions, Moniepoint now offers personal banking and aims to develop a one-stop platform for businesses, encompassing digital payments, banking, FX, credit, and management tools.

The investment, led by Development Partners International and Lightrock, with new contributions from Google’s Africa Investment Fund and Verod Capital, reportedly values Moniepoint at over $1 billion, granting it unicorn status. The fintech currently processes over 800 million transactions monthly, valued above $17 billion.

Attribution: Reuters

Subediting: M. S. Salama