Moniepoint's Leap to Unicorn Status: Transforming Africa's Fintech Scene

Moniepoint, a Nigeria-based fintech, has raised $110 million from investors, achieving a billion-dollar valuation. Backers include Google and new investors. The funding is intended to expand digital payments and banking solutions across Africa, making Moniepoint a one-stop financial service platform for businesses.

Nigeria's fintech landscape has been buoyed by Moniepoint, which recently secured $110 million in funding, positioning itself as a key player in Africa's digital banking future. Investors, including Google's Africa Investment Fund, have lifted the fintech to unicorn status, valuing it above $1 billion.

Moniepoint, which launched in 2015 with infrastructure and payment solutions for banks, aims to use the new capital to enhance its growth across Africa. The fintech will create an integrated platform offering digital payments, banking, foreign exchange, credit, and business management tools.

The company processes over 800 million transactions monthly, with a transaction value exceeding $17 billion, underscoring Nigeria's burgeoning fintech market powered by a population largely underserved by traditional banking services. Moniepoint began offering personal banking services last August.

(With inputs from agencies.)