Nigeria’s Moniepoint Joins Unicorn Club with $110M Investment Led by Google

Nigerian fintech Moniepoint has secured $110 million in a new funding round, led by Google, to scale its digital payment and banking solutions across Africa. Initially founded in 2015 to provide infrastructure for banks and financial institutions, Moniepoint now also offers personal banking services. The investment round, which included contributions from Google’s Africa Investment Fund, London’s Development Partners International, Lightrock, and Verod Capital, values the company at over $1 billion, making it a “unicorn.” Moniepoint plans to use the funds to expand its services, aiming to create a comprehensive platform for businesses. The services will include digital payments, banking, credit, foreign exchange, and business management tools, among others. Operating in Nigeria, Africa’s fastest-growing fintech market, Moniepoint currently handles over 800 million transactions monthly, valued at more than $17 billion.

SOURCE: REUTERS