Moniepoint Raises $110 Million to Expand Digital Banking Across Africa, Gains Support from Google

Written on 29/10/2024
Yahoo News

Nigeria-based fintech Moniepoint has secured $110 million in new funding, with participation from major investors, including Google, to advance digital payment and banking solutions across Africa.

Established in 2015 to support banking infrastructure and payment services,

Moniepoint has since expanded into personal banking, aiming to make financial services more accessible across the continent.

The company announced on Tuesday that this funding will bolster its capacity to scale operations and deepen its impact within Africa’s financial ecosystem.



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.

Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it "unicorn" status - a term for tech firms with a valuation of a billion dollars or more.

The new capital would be used to speed up Moniepoint's growth across Africa and build an integrated platform for businesses.

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