Nigeria-based fintech Moniepoint gains 'unicorn' status

As per the announcement, this funding round, led by UK-based private equity group Development Partners International and backed by Google’s Africa Investment Fund, valued Moniepoint at over USD 1 billion. Moniepoint previously raised USD 55 million and operates in Nigeria's expanding fintech market, where digital financial services are in high demand among those without access to traditional banking.

Officials from the company shared that while Moniepoint will continue to prioritise Nigeria, it also intends to expand into other African markets with the new funding. The company is currently assessing which tools in its portfolio would be best suited to launch in different countries.

What does Moniepoint do?

The company offers bank accounts to individuals and businesses, provides collateral-free loans for enterprises, and supplies point-of-sale devices to small merchants. Its user base surged in February 2023 during a national cash shortage caused by the central bank’s currency swap attempt.

Moniepoint's fundraising comes amid a broader decline in African start-up investments. According to Africa: the Big Deal, African start-ups raised USD 1.4 billion in the first nine months of 2024, a 38% decrease compared to the same period in 2022. Higher interest rates, especially in the United States, have contributed to this slowdown, as investors become more risk averse.

Other founders in the industry have predicted that Moniepoint will use the new funding to drive expansion across the continent, potentially through strategic acquisitions. Sources suggest Kenya may be the first market for this expansion, with acquisition discussions reportedly already in progress.

Nigeria-based fintech Moniepoint gains unicorn status

What does Moniepoint do?