Nigerian Fintech Moniepoint Secures $200 Million Funding, Solidifying Unicorn Status with Visa’s Backing
Moniepoint, a prominent Nigerian financial technology company with strategic support from Visa Inc., has successfully concluded its latest funding round, raising an impressive $200 million. This significant capital injection, which includes an additional $90 million recently secured, is earmarked to propel the fintech’s ambitious expansion across the African continent and into new global markets. This substantial investment underscores the escalating confidence of international investors in Africa’s burgeoning digital financial services sector.
Accelerating African Growth and Global Aspirations
The latest funding round saw robust participation from a consortium of distinguished investors. According to Moniepoint Senior VP Ross Strike, key contributors included global payments giant Visa, along with Development Partners International (DPI), LeapFrog Investments, and Google’s Africa Investment Fund. Founded in 2015 by Tosin Eniolorunda, Moniepoint has established itself as a cornerstone of digital finance, offering comprehensive payment processing, banking solutions, and remittance services. The platform boasts an impressive operational scale, facilitating over $250 billion in transactions annually. With this new capital, Moniepoint plans to strengthen its already deep footprint within Nigeria while strategically venturing into Kenya and the UK. The company has set an ambitious medium-term goal to establish operations in at least five African countries, further extending its reach and impact.
This strategic investment values Moniepoint at more than $1 billion, officially cementing its position as one of Africa’s leading fintech unicorns. The successful raise follows a previous $110 million funding round last year, signaling a continuous and growing investor appetite for innovative digital financial services providers on the continent. Such significant backing from major players like Visa and Google’s Africa Investment Fund not only validates Moniepoint’s business model but also highlights the immense potential seen in empowering African economies through advanced financial technology. This development is a clear indicator of the robust growth and maturity of Africa’s tech ecosystem, attracting substantial capital to drive digital transformation.
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