Moniepoint, a Nigerian-based fintech company that serves millions of entrepreneurs across Africa, has secured $110 million in funding to expand its business. The funding came from four entities: London-based Development Partners International and Lightrock, which had previously invested in the firm; Google’s Africa Investment Fund and Verod Capital are new investors.
Moniepoint—formerly called TeamApt—was named the fastest-growing fintech company by the Financial Times for two years.
The company provides various financial services, including bank accounts, loans, and business management services. It processes over 800 million monthly transactions, with a value exceeding 7 billion.
Moniepointe Co-Founder Tosin Eniolorunda says the new investor funding will help the company enhance the customer experience.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible, “ Eniolorunda said in a press release shared with Afrotech.
Adefolarin Ogunsanya, a partner at Development Partners International, also expressed his excitement about contributing to Moniepoint’s growth.
“We are delighted to lead this investment round in Moniepoint, one of Africa’s most exciting and fastest-growing companies. A profitable business led by an excellent leadership team with clear strategic vision, Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa, Afrotech reports.
Moniepoint officials say they will continue prioritizing Nigeria, but the company plans to expand to other African countries. The company is currently assessing those markets to gauge how it can effectively meet customers’ needs.
The successful fintech firm has previously received backing from QED Investors, British International Investment (BII), and Endeavor Catalyst. Since its launch in 2015, the company has raised over $180 million since it launched in 2015.
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