Grace Ashiru
Development Partners International, a British private equity firm, has led a $110 million investment in Nigerian fintech Moniepoint, elevating it to unicorn status, according to the Financial Times. Other participants in the round include Google’s Africa Investment Fund, Verod Capital, and Lightrock.
Moniepoint plans to use the new capital for its African expansion, beginning with Kenya, where it is nearing completion of its acquisition of KopoKopo for an undisclosed amount.
Founded in 2015, Moniepoint began by developing software for Nigerian financial institutions under the name TeamApt before pivoting to agency banking solutions. This shift fueled its growth, leading to one of Nigeria’s largest agency networks.
In 2023, the company rebranded as it expanded into digital banking, offering personal and business banking solutions. Moniepoint now processes 800 million transactions worth over $17 billion monthly, is reportedly profitable, and serves over 10 million users, including businesses and individuals.
“Moniepoint is a profitable business led by a strong leadership team with a clear strategic vision, positioning it for continued impressive growth and advancing financial inclusion for underserved businesses and individuals across Africa. Its innovative technology, rapid growth, and positive impact on the continent reinforce our confidence in its future success,” said Adefolarin Ogunsanya, Partner at Development Partners International.
In May 2024, Moniepoint was recognized by the Financial Times as one of Africa’s fastest-growing fintechs for the second consecutive year.
The investment from Development Partners International (DPI),Google’s Africa Investment Fund, Verod, and
Lightrock highlights Moniepoint’s substantial role in advancing digital and financial inclusion.
Moniepoint has reported strong revenue growth, achieving a compound annual growth rate (CAGR) of over 150% in recent years, along with industry-leading gross profit and EBITDA margins.
“Our mission is to assist our customers in overcoming challenges by enhancing our platform’s innovation, transparency, and security. The proceeds from this funding will accelerate our efforts to promote financial inclusion and support Africa’s entrepreneurial potential,” said Tosin Eniolorunda, co-founder and CEO.
