African Unicorn Moniepoint Raises Additional $90M for Expansion Plans

African unicorn Moniepoint has raised an additional $90 million in investment to accelerate its expansion plans.

The round was backed by private equity and strategic investors, including Visa, Development Partners International LLP, Leapfrog, and Alphabet Inc.’s Google Africa Investment Fund, among others.

The funding brings the company’s total raise to $200 million and plans to utilize this latest round in its core market of Nigeria, as well as to expand into new markets such as the UK and Kenya.

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Moniepoint’s Expansion Story During The Last Year

Moniepoint was founded in 2015 by Tosin Eniolorunda and Felix Ike in Lagos, Nigeria. The startup provides payments, banking and remittance services and has grown to process more than $250 billion in transactions a year. 

The fintech startup raised $110 million in a Series C funding round last year. This new capital injection gives the company a valuation of at least $1 billion for the first time.

“We will not rest on our laurels,” co-founder and CEO Eniolorunda said in a statement. “The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story – with financial happiness for Africans everywhere remaining our ultimate goal.”

Moniepoint was recently recognized as one of the UK’s leading fintech companies, after expanding into the country last year. In April 2024, it announced the launch of Monieworld, aimed at providing African immigrants with access to financial services, starting with remittances.

However, according to recent regulatory filings, the company reported a loss of $1.2 million during its first year of operations in the United Kingdom. The platform generated no revenue between February and December 2024, with its activities funded entirely by its parent company.

Related Post: Moniepoint Gets Strategic Investment from Visa to Accelerate Financial Inclusion for African SMEs

“Moniepoint Inc. can confirm that Moniepoint GB’s financial results for the period February to December 2024 reflect the expected early-stage investment phase common across financial services firms entering new regulated markets.” 

“Moniepoint GB’s focus is on serving the UK’s African diaspora and bringing financial happiness to a new market – an ambition that naturally requires upfront investment in compliance, infrastructure and people,” a statement from the fintech said.

The Financial Solution for Africa’s Tech-Savvy Population

Moniepoint caters to small and medium-sized businesses (SMBs) across Nigeria. It offers working capital, business expansion loans, business management tools such as expense management (business payment cards), accounting and bookkeeping solutions, and insurance.

Although most of its business comes from Africa’s most populous nation, Nigeria, Moniepoint seeks to be operational in five other African countries in the medium to longer term.

Africa has the world’s fastest-growing and youngest population that is increasingly turning to technology to access services like banking and entertainment. Several Nigerian fintech startups, including Flutterwave, Interswich and Opay, have attracted significant funding in recent years to achieve unicorn valuations. 

Ross Strike, Moniepoint’s senior vice president said in an interview, “We have seen more interest coming slowly from global investors, especially those that have seen other emerging markets, willing to underwrite the African growth story.”

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Some other investors who participated in the round include Lightrock, Alder Tree Investments, Proparco, Swedfund, and Verod Capital Management also participated in the funding round. Financial Technology Partners acted as the exclusive adviser to Moniepoint on this round.