TechCabal Daily – Optasia Eyes Unicorn Status
The African fintech landscape continues its rapid expansion, with Moniepoint, a prominent Nigerian startup, leading the charge. Fresh off achieving unicorn status, the company isn’t slowing down. Instead, Moniepoint has secured an additional $90 million in funding, demonstrating its commitment to sustained growth and market dominance. This latest round, led by Development Partners International’s African Development Partners III (ADP III) fund, further solidifies Moniepoint’s position as a key player in Africa’s financial technology sector.
Moniepoint’s Ambitious Expansion Strategy
This recent capital infusion, which includes significant contributions from LeapFrog Investment, Visa, Google’s Africa Fund, Swedfund, and the International Finance Corporation (IFC), aims to fuel Moniepoint’s ambitious expansion plans. The company already attained unicorn status in 2024 after its initial Series C round, raising an initial $110 million. Now, with this further funding, Moniepoint intends to expand its operations across the African continent and beyond. A key component of this strategy is the recent launch of MonieWorld, its UK-based remittance app. This app allows users in the UK to seamlessly send money directly to any Nigerian bank account via popular payment methods like Apple Pay, Google Pay, and British bank cards. Furthermore, Moniepoint is actively exploring opportunities in East Africa, demonstrating its commitment to pan-African growth.
In conclusion, Moniepoint’s continued fundraising efforts and strategic initiatives highlight the immense potential of the African fintech market. With its strong investor backing and ambitious expansion plans, the company is well-positioned to further disrupt the financial services landscape and solidify its position as a leading African fintech unicorn.
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