Google, through its Africa Investment Fund, has invested in Moniepoint Incorporated, a fintech firm based in Nigeria.
Gatekeepers News reports that on Tuesday, Moniepoint announced it successfully secured $110 million in equity financing. This funding round saw participation from Development Partners International’s African Development Partners (ADP) III fund, Verod Capital, and Lightrock, an existing investor.
Equity financing, which entails exchanging shares for capital, enables companies to raise funds without incurring debt. With this significant investment, Moniepoint has achieved a valuation exceeding $1 billion, officially categorizing it as a unicorn tech startup in Nigeria.
The company plans to utilize the Series C funding to enhance and expand its integrated business banking platform across Africa and within the diaspora. Moniepoint highlighted that this funding follows a successful phase characterized by notable operational and financial milestones, reinforcing its profitable business model.
The newly acquired capital will facilitate the development of an all-in-one business solutions platform, incorporating services such as digital payments, banking, foreign exchange (FX), credit, and various business management tools.
“The investment conviction from DPI, Google’s Africa Investment Fund, Verod and Lightrock is testament to the impact Moniepoint is having through digital and financial inclusion and its game changing ability to foster economic activity and development,” the statement reads.
“It also speaks to the unique combination of growth and profitability the business has demonstrated, growing revenue at over 150% CAGR in recent years with industry leading gross profit and EBITDA margins.
“Moniepoint’s financial inclusion efforts support initiatives by many African governments to widen access to the formal financial system and drive economic growth – a vital necessity given c. 83% of employment across Africa is in the informal economy. Moniepoint’s positive impact towards financial inclusion was recognised by the Central Bank of Nigeria in 2022, when it received the National Inclusive Payment Initiative Award.
“In this latest capital raise – DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.”
Tosin Eniolorunda, founder and group chief executive officer (CEO) of Moniepoint, said the funds raised will accelerate the company’s efforts to advance financial inclusion and support Africa’s entrepreneurial potential.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure,” Eniolorunda said.
“The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible.
“We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness.”
The company, according to Eniolorunda, is just getting started.
