oniepoint, which is a fintech based in Nigeria managed to raise $110 in funding from different investors including the giant Google Alphabet in order to
expand digital payments along with various banking solutions in Africa in the Moniepoint app. Also in this funding, besides the Google investment other companies participated and invested in Moniepoint such as Verod Capital and Lighrock.
The Moniepoint company started its operations in 2015 and offers an infrastructure along with payment solutions for financial institutions and banks. The company has also gained popularity for its personal banking services offered in the Moniepoint app.
After launching in 2015, the company has been backed up by QED Investors, like British International Investment and Endeavor Catalyst, and managed to raise funding of over $180 million in 9 years. Currently, Google Alphabet is investing for the first time in this fintech African company, so it’s expected to have a Google investment in the next round of funding.
According to the Financial Times, this round of funding transformed the Moniepoint app into a unicorn startup due to the fact that represents a private company with a valuation of $1 billion or more. So, two years ago the African fintech was valued at $800 million during a QED-led round. Now, according to some sources that are familiar with the transaction, this round of funding has raised the value of the Moniepoint company above $1 billion.
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The funding money will be used to accelerate the expansion of the African fintech company across Africa and also to build an additional platform for business.
"This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,", the Moniepoint company stated.
Right now, Nigeria represents the fastest-growing fintech market in Africa because it’s driven by more than 200 million people. Some of these, are still struggling to have access to various financial services such as banking. So, last year the fintech African company started to offer personal banking services in the Moniepoint app.
By
Adam Brown
•
October 29, 2024 10:15 AM
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