Click to watchNigerian fintech unicorn, Moniepoint has raised an additional $90 million to intensify African expansion plans in its core market of Nigeria, as well as newer markets like the UK and Kenya. The funding round, coming nearly a year after Visa invested in the fintech’s Series C round, values Moniepoint at more than $1 billion.
This latest round was led by Visa, Development Partners International LLP, Leapfrog, and Alphabet Inc.’s Google Africa Investment Fund.
“We have seen more interest coming slowly from global investors, especially those that have seen other emerging markets, willing to underwrite the African growth story,” Ross Strike, Moniepoint’s senior vice president said in an interview with Bloomberg.
Moniepoint, founded in 2015, is a leading player in agent banking, boasting over 200,000 Points of Sale (PoS) agents. The company claims to process over 1 billion transactions monthly, with a total payment volume exceeding $22 billion.
“The proceeds from our landmark Series C will be deployed judiciously to generate even more momentum as we enter the next chapter of Moniepoint’s story with financial happiness for Africans everywhere remaining our ultimate goal,” said Tosin Eniolorunda, the CEO of Moniepoint.
Since its $110 million Series C round, the company has expanded its tentacles to include a remittance product- MonieWorld, an inventory product and launched contactless payment cards. In June, it secured approval from Kenyan regulators to acquire a majority stake in Sumac, a Kenyan microfinance bank. When completed, that deal would give Moniepoint a foothold in Kenya’s estimated $67.3 billion mobile payments market.
*This is a developing story
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