Moniepoint Raises $110 Million in Series C - October 29, 2024

Executive Summary

Moniepoint is Africa's largest merchant acquirer and Nigeria's leading business banking platform, processing over 800 million transactions monthly with total value exceeding $17 billion.

Funding Amount: $110 Million

Valuation: $1 Billion (Unicorn)

Round Type: Series C

Announced: October 29, 2024

Headquarters: Lagos, Nigeria

Category: Fintech - Payments & Banking

About Moniepoint

Moniepoint was founded in 2019 and is headquartered in Lagos, Nigeria.

Moniepoint is Africa's largest merchant acquirer and Nigeria's leading business banking platform, processing over 800 million transactions monthly with total value exceeding $17 billion.

Funding Round Details

Investment Amount

Moniepoint successfully raised $110 Million in this Series C funding round.

Lead Investors & Participants

Development Partners International - ADP III (Lead Investor): African Development Partners III fund leading the equity financing

Google (Africa Investment Fund) (Strategic Investor): Google acquired a stake through its Africa Investment Fund

Verod Capital (Co-Investor): African private equity firm focused on growth companies

Lightrock (Existing Investor): Continuing investor from previous rounds

Use of Funds

Moniepoint will use the $110 million to accelerate growth across Africa (currently 90% of business comes from Nigeria), expand its product suite including digital payments, banking, foreign exchange, credit, and business management tools. The funding supports the company's vision to become Africa's leading business banking platform.

Key Metrics & Achievements

• Unicorn valuation of $1 billion (previously valued at $800M in 2022)
• 800 million+ transactions processed monthly
• $17 billion+ in monthly transaction value
• Nigeria's largest merchant acquirer for POS transactions
• 90% of revenue from Nigeria, expanding to other African markets
• Recently raised additional $90M, bringing Series C to $200M total

Business Model

Moniepoint operates as a comprehensive business banking platform, providing point-of-sale systems, digital payments processing, business accounts, working capital loans, and financial management tools to small and medium enterprises across Africa. The company earns revenue from transaction fees, interchange fees, and lending.

Market Opportunity & Competition

Moniepoint competes in the African fintech ecosystem with players like Flutterwave ($3B valuation), OPay, Interswitch, and traditional banks. The company has established market leadership in Nigeria's POS market and is leveraging this position to expand across financial services and geography.

This fundraising report was announced on October 29, 2024 and represents verified data from Crunchbase, Bloomberg, TechCrunch, and official company announcements.