Google’s Africa Investment Fund is a new investor in African fintech Moniepoint, which recently closed $110 million in new funding. The Series C round, which included the sale of shares, according to Bloomberg, was led by Development Partners International’s African Development Partners (ADP) III fund.
Other investors, including African private equity firm Verod Capital and global impact firm Lightrock, as well as an existing investor, participated. Moniepoint, which is also backed by investors QED, British International Investment (BII) and Endeavor Catalyst, has raised more than $180 million since launching in 2015.
According to the Financial Times, the round makes Moniepoint a unicorn, that is, a private company with a value of $ 1 billion or more. African fintech was last valued at nearly $800 million in a round led by QED two years ago.
Moniepoint, originally TeamApt, focused on providing infrastructure and payment solutions for banks and financial institutions before venturing into a corporate banking provider, an area where it has found incredible success.
African fintech offers a range of services to small and medium enterprises (SMBs) across Nigeria that allow them to access various features to manage operations, including working capital, business expansion loans, and business management tools such as expense management (business payment cards), accounting solutions and bookkeeping, and insurance.
By 2022, Moniepoint said it will employ 400,000 such SMBs while processing $100 billion in annual run-rate activity (That year, Moniepoint generated more than $100 million in annual revenue , an amount that should have doubled, barring the devaluation of the Nigerian currency.) The fintech now claims to process more than 800 million transactions, with a total monthly turnover of more than $17 billion.
Moniepoint says it will use the new funding to accelerate its growth across Africa (90% of its business comes from Nigeria) as it builds a “one-stop platform for African businesses of all kinds,” including digital payments, banking, foreign exchange (FX) , credit, and business management tools. The nine-year-old fintech recently entered the personal banking market and claims to have experienced 20x customer growth in the past year.
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