Nigerian fintech startup Moniepoint has secured $110 million in a Series C funding round led by Development Partners International (DPI), sources with direct knowledge of the deal revealed. New investors, including Google’s Africa Investment Fund and Verod Capital, joined the round, while Lightrock, an existing investor, also participated.
The latest funding nearly triples Moniepoint’s valuation, which was around $400 million during a previous 2022 round that raised $50 million. Although Bloomberg previously reported that Moniepoint aimed for a $1 billion valuation, that target proved elusive until now, according to two investors. “They secured the primary round at a $1 billion valuation,” said one insider who requested anonymity.
The new valuation makes Moniepoint, founded in 2015, Africa’s eighth unicorn, joining the ranks of MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela. In addition to the primary raise, the round included a secondary sale at a discounted valuation, offering an attractive option for investors.
Moniepoint, a leader in Nigeria’s agent banking sector, provides retail banking and services to small and medium enterprises. In 2023, it ranked second on the Financial Times list of Africa’s fastest-growing companies. While the FT reported annual revenues of $62.6 million for 2021, three sources claim the fintech’s annualized revenue now exceeds $100 million.
Despite naira devaluation slightly dampening growth in dollar terms, investors remain confident in Moniepoint’s future. The company processed over 5.2 billion transactions worth $150 billion in 2023, marking a transaction growth of more than 205%.
