Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company has said.
Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for privately-owned business valued at over $1billion
Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.
The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors.
The new capital would be used to speed up Moniepoint’s growth across Africa and build an integrated platform for businesses.
“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,” Moniepoint said in the statement.
