Following a $110 million investment from multiple investors, Nigerian fintech company, Moniepoint, has raised its valuation to $1 billion, earning it the status as a unicorn.
A unicorn is used to describe to a privately held startup company with a valuation of or exceeding $1 billion.
Fintech companies accounts for six of Africa’s seven unicorns. Egypt’s MNT-Halan was the most recent addition, until Moniepoint joined the elite league.
In its latest Series C round, Moniepoint raised $110 million in a round led by British private equity firm, Development Partners International (DPI), and other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock.
Founded in 2015, Moniepoint started with providing infrastructure and payment solutions to banks and financial institutions, until it entered the personal banking market in 2023.
According to a statement on Tuesday by Moniepoint’s Founder and Group CEO, Tosin Eniolorunda, the company will use the capital raised to accelerate its growth across Africa, “as we build an all-in-one, seamlessly integrated platform for African businesses of all sizes.”
He said, “This platform will include services such as digital payments, banking, cross border payments, credit, and business management tools, making it a one-stop shop for business solutions.
“We’ve been successful in helping Africans on the continent with the tools they need to manage their finance and grow their businesses.”
Eniolorunda further noted that the new investment is proof of its impact in digital and financial inclusion, and boosting economic activity and development.
“It also speaks to our growth and profitability, with our revenue at over 150% CAGR in recent years and industry-leading gross profit and EBITDA margins,” he added.
With the entrance of Moniepoint, Nigeria now has at least five fintech companies with unicorn status, including Flutterwave, Andela, Interswitch and Opay.
