Moniepoint, a Nigerian fintech company, has raised $110 million in new funding, with Google’s Africa Investment Fund among the investors.
The company, which began operations in 2015 providing payment infrastructure for financial institutions, has expanded to include personal banking services.
The funding round included support from existing investors Development Partners International and Lightrock, with Verod Capital joining as a new investor alongside Google.
Sources indicate the investment values Moniepoint above $1 billion, achieving unicorn status. The company plans to use the capital to accelerate growth across Africa and develop an integrated business platform offering digital payments, banking, foreign exchange, credit, and business management tools.
Operating in Nigeria, Africa’s fastest-growing fintech market with over 200 million people, many lacking access to traditional banking services, Moniepoint launched personal banking services in August last year.
The company reports processing more than 800 million transactions monthly, with a value exceeding $17 billion. This investment reflects growing confidence in Africa’s fintech sector and its potential to address financial inclusion challenges.