Moniepoint, a Nigerian fintech startup that processed 5.2 billion transactions in 2023, has raised $110 million in a Sequence C funding spherical led by Improvement Companions Worldwide (DPI), in response to two individuals with direct data of the deal.
Different new buyers embrace Google’s Africa Funding Fund and Verod Capital. World impression agency, Lightrock, an current investor, additionally participated within the funding spherical.
The brand new financing spherical will virtually triple the corporate’s valuation, which was round $400 million in a 2022 funding spherical through which it raised $50 million. Bloomberg reported on the time that the corporate was eyeing a valuation of $1 billion, however that was in the end elusive, mentioned two buyers with data of the matter.
“They bought the first spherical at a $1 billion valuation,” one individual with data of the matter mentioned, declining to be named so they might communicate freely. That post-money valuation means Moniepoint, based in 2015, will turn into the continent’s eighth unicorn. It would be part of a small membership that has MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela as members.
The funding spherical additionally included a secondary sale with a reduced valuation, which was perfect for a lot of buyers.
Moniepoint supplies retail banking companies and likewise caters to small and medium companies. It is among the market leaders in Nigeria’s agent banking house. In 2023, it was second on the Monetary Occasions checklist of Africa’s fastest-growing firms.
Whereas the FT checklist confirmed Moniepoint had annual revenues of $62.6 million in 2021, three individuals with data of the matter claimed the corporate’s annualised income has grown to over $100 million.
Whereas naira devaluation might have slowed development in greenback phrases, many buyers think about Moniepoint a stable firm with vibrant prospects. In 2023, it grew transaction worth by over 205%, processing 5.2 billion transactions price over $150 billion.
Moniepoint declined to touch upon any a part of this story.