Google and DPI back African fintech Moniepoint in $110M round

Moniepoint raises $110M, becomes unicorn with $1B+ valuation.

: Moniepoint, supported by new investor Google’s Africa Investment Fund, raised $110 million in a Series C round led by Development Partners International. This round elevates the African fintech to unicorn status with a valuation exceeding $1 billion. Known for offering a variety of services to Nigerian SMBs, Moniepoint plans to use the funds to expand across Africa. The fintech processes over 800 million transactions monthly, totaling more than $17 billion.

Moniepoint has drawn $110 million in funding, marking it a unicorn, with participation from Development Partners International’s ADP III fund and new backer Google’s Africa Investment Fund. Verod Capital and Lightrock, among others, participated, boosting Moniepoint's total funding past $180 million since its inception.

The company's valuation now stands above $1 billion, a significant rise from nearly $800 million during a QED-led round two years ago. Moniepoint, originally known as TeamApt, now offers banking solutions for SMBs and has enjoyed success since pivoting from infrastructure and payment solutions for financial institutions.

Moniepoint provides services like working capital, business loans, and management tools such as expense and accounting solutions. Serving 400,000 SMBs, it processed $100 billion in annual run-rate transactions in 2022 and now handles over 800 million monthly transactions, exceeding $17 billion in total value. The newly secured funding aims to bolster its growth and innovate in Africa, especially as it ventures into personal banking.

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