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NextFrontier Africa is a media platform spotlighting Africa’s emerging opportunities in technology, tourism, aviation, agriculture, health, logistics, real estate, trade, education, and e-commerce.

January 04.2025

2 Minutes Read

Moniepoint's Ascent: $110M Boost from Google and DPI Accelerates African Fintech Growth

Moniepoint Fintech transaction with blue payment terminal

Google and DPI Fuel Moniepoint’s Journey to Unicorn Status with $110M Investment

In a pivotal moment for the African fintech industry, Moniepoint has secured $110 million in its Series C funding round, marking a significant step towards its status as a unicorn. The investment was led by the African Development Partners (ADP) III fund from Development Partners International, with the support of tech giant Google’s Africa Investment Fund.

Rising Star in African Fintech

Moniepoint’s impressive growth trajectory is evidenced by its expanding roster of investors, including Verod Capital and Lightrock, not to mention existing backers like QED Investors and British International Investment. Since its inception in 2015, the company has raised over $180 million, with its latest valuation reaching the prestigious $1 billion mark. Initially, Moniepoint focused on infrastructure for banks, but its shift to business banking has reaped substantial rewards.

Catalyst for African Business Empowerment

With a robust suite of services tailored for small and medium-sized enterprises (SMBs), Moniepoint helps drive Nigeria's economic engine by providing pivotal financial solutions. These include working capital loans, expense management tools, and comprehensive business management offerings, thus establishing itself as a leader in Nigeria’s point-of-sale (POS) transaction sphere. The fintech processes over 800 million transactions monthly, with values surpassing $17 billion, underscoring its crucial role in Nigerian commerce.

Future Predictions and Trends

Looking ahead, Moniepoint aims to consolidate its domain over Africa's digital financial space. With its business deeply rooted in Nigeria, plans for growth across the continent are in motion. By enhancing its digital payments, credit, and management tools, Moniepoint is positioned to thrive amidst the evolving fintech landscape. Interestingly, the company's recent dive into personal banking has resulted in a staggering 20x increase in customer growth, signifying a promising horizon.

Relevance to Current Events

This massive infusion of funds into Moniepoint comes at a time when Africa's fintech sector is experiencing unparalleled expansion, reflecting broader trends of digital and economic transformation across the continent. Such advancements not only brighten the financial prospects for burgeoning businesses but also demonstrate the global appeal of African innovation and financial solutions.

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Moniepoint's Ascent: $110M Boost from Google and DPI Accelerates African Fintech Growth

Google and DPI Fuel Moniepoint’s Journey to Unicorn Status with $110M Investment

Rising Star in African Fintech

Catalyst for African Business Empowerment

Future Predictions and Trends

Relevance to Current Events

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