In a significant milestone for Nigeria’s fintech sector, Moniepoint has achieved “unicorn” status after raising $110 million from investors, including Google. This development is a rare bright spot in an otherwise challenging funding environment for African technology companies.
The funding round, led by London-based private equity firm Development Partners International (DPI) and supported by Google’s Africa Investment Fund, has valued Moniepoint at over $1 billion for the first time. “This investment underscores the confidence investors have in our vision and our ability to execute,” said Tosin Eniolorunda, Moniepoint’s Chief Executive.
Moniepoint, founded nine years ago, had previously raised $55 million from investors. The company operates in Nigeria’s rapidly growing fintech market, providing digital financial services in a country where many still lack access to basic banking services. “Our mission has always been to bridge the financial inclusion gap in Nigeria,” Eniolorunda added.
The new funds will enable Moniepoint to expand its operations beyond Nigeria into other African countries. “While we remain committed to our home market, this investment will help us scale our services across the continent,” Eniolorunda explained.
Moniepoint’s rise to unicorn status highlights the potential of African fintech companies to attract significant investment and drive economic growth. The company’s success story is a testament to the innovative spirit and resilience of Nigeria’s tech ecosystem.
