African fintech Moniepoint simply closed $110 million in new financing, and it has landed Google’s Africa Funding Fund as a brand new investor. The Collection C spherical was led by Improvement Companions Worldwide’s African Improvement Companions (ADP) III fund.
Different traders, together with African non-public fairness agency Verod Capital and present investor Lightrock additionally participated.Â
Moniepoint, additionally backed by QED Traders, British Worldwide Funding (BII) and Endeavor Catalyst, has raised over $180 million since its launch in 2015.
In response to the Monetary Occasions, the spherical makes Moniepoint a unicorn — a non-public firm with a valuation of $1 billion or extra. The African fintech was final valued at almost $800 million in a QED-led spherical two years in the past.
Moniepoint initially targeted on offering infrastructure and cost options for banks and monetary establishments earlier than pivoting to turning into a enterprise banking supplier, an space the place it has discovered outstanding success.
The African fintech caters to small and medium-sized companies (SMBs) throughout Nigeria, providing working capital, enterprise enlargement loans, and enterprise administration instruments equivalent to expense administration (enterprise cost playing cards), accounting and bookkeeping options, and insurance coverage.
The fintech claims it processes over 800 million transactions, with month-to-month complete worth exceeding $17 billion.
Moniepoint says it should use the brand new funding to speed up its development throughout Africa (90% of its enterprise comes from Nigeria) because it builds digital funds, banking, overseas alternate (FX), credit score, and enterprise administration instruments. The nine-year-old fintech just lately forayed into the private banking market and claims to have seen 20x buyer development over the previous 12 months.