african monetary know-how Moniepoint simply closed $110 million in new financing and has landed Google’s Africa Funding Fund as a brand new investor. The Collection C spherical was led by Growth Companions Worldwide’s African Growth Companions (ADP) III fund.
Different buyers additionally participated, together with African personal fairness agency Verod Capital and current investor Lightrock.
Moniepoint, additionally backed by QED Traders, British Worldwide Funding (BII) and Endeavor Catalyst, has raised greater than $180 million since launching in 2015.
In accordance with the Monetary occasionsThe spherical makes Moniepoint a unicorn: a personal firm with a valuation of $1 billion or extra. The African fintech was final valued at virtually $800 million in a QED-led spherical Two years in the past.
Moniepoint initially centered on offering cost infrastructure and options for banks and monetary establishments earlier than turning into a enterprise banking supplier, an space wherein it has discovered notable success.
African fintech serves small and medium-sized enterprises (SMEs) in Nigeria and gives working capital, enterprise enlargement loans and enterprise administration instruments reminiscent of expense administration (service provider cost playing cards), accounting and bookkeeping options, and insurance coverage.
The fintech claims it processes greater than 800 million transactions, with a complete month-to-month worth exceeding $17 billion.
Moniepoint says it can use the brand new funding to speed up its progress in Africa (90% of its enterprise comes from Nigeria) whereas constructing digital funds, banking, overseas change (FX), credit score and enterprise administration instruments. The nine-year-old fintech not too long ago forayed into the non-public banking market and claims to have seen 20x buyer progress over the previous yr.
