Moniepoint, a Nigerian fintech startup, has achieved a significant milestone with a valuation of $1 billion after raising $110 million in a new funding round led by Development Partners International (DPI). This valuation positions Moniepoint among Africa’s top tech companies, making it the continent’s eighth unicorn, alongside other successful startups like Flutterwave, Interswitch, and Andela.
Founded in 2015, Moniepoint provides banking services for individuals and small to medium businesses and is one of Nigeria’s leaders in agent banking, a system that brings financial services to underserved areas. The company has seen impressive growth, processing over 5.2 billion transactions in 2023 alone, worth more than $150 billion. Last year, it was listed as the second-fastest-growing African company by the Financial Times, and its annual revenue is now estimated to exceed $100 million.
The recent funding round includes a primary investment at a $1 billion valuation and a secondary sale with a discounted valuation, which was appealing to several investors. This latest round nearly triples Moniepoint’s previous valuation of $400 million from 2022 when it raised $50 million. Initially, the company aimed for the unicorn status back then, but it has finally reached that goal now.
Moniepoint’s growth has been robust, despite challenges from the naira devaluation. The startup’s annual transaction value jumped by more than 205%, reflecting strong investor confidence in its future prospects. However, Moniepoint has declined to comment on this recent funding and valuation achievement.
