Nigerian company Moniepoint receives $110 million from Google and other investors to develop digital banking in Africa

Nigerian fintech company Moniepoint announced Tuesday it has raised $110 million in new funding from major investors including Google to scale digital payments and banking solutions across Africa.

The latest funding round also included participation from existing backers London-based Development Partners International, private equity firm Lightrock, as well as new investors from Google’s Africa Investment Fund and Verod Capital.

Founded in 2015 to provide payment infrastructure to banks and financial institutions, Moniepoint has since expanded to offer personal banking services. This new capital increases Moniepoint’s valuation to more than $1 billion, giving it “unicorn” status, a benchmark reserved for technology companies with valuations of a billion dollars or more.

Moniepoint plans to use the funds to accelerate its growth on the continent and develop a comprehensive business platform. “The platform will include services such as digital payments, banking, foreign exchange (FX), credit and business management tools, making it a one-stop shop for business solutions,” the company said.

With a population of over 200 million people, Nigeria is the fastest growing fintech market in Africa. Moniepoint has achieved significant growth with over 800 million transactions processed monthly and transaction value exceeding $17 billion. With the new funding, Moniepoint aims to strengthen its impact in closing the financial inclusion gap in Africa.

Melissa Enoch

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