Nigerian fintech startup Moniepoint secures $110M from Google and others to expand digital banking across Africa

Nigeria has emerged as Africa’s fastest-growing fintech market, fueled by its population of over 200 million, with a significant portion still underserved by traditional financial services. In 2015, Moniepoint, a Nigeria-based fintech startup, set out to bridge this gap by providing businesses and individuals access to banking, payments, credit, and essential business management tools.

Fast forward almost a decade later, Moniepoint now processes $800 million in monthly transactions, with a total value exceeding $17 billion. The startup has also helped open 10 million bank accounts and issued 72 million cards to businesses and individuals alike.

To further accelerate the expansion of digital banking across Africa, today Moniepoint announced a fresh $110 million funding round on Tuesday, led by investors such as Development Partners International and Lightrock, with new backing from Google’s Africa Investment Fund and Verod Capital.

Moniepoint will use the fresh capital infusion to fuel its ambitious growth plans across Africa, with a vision to create an all-in-one platform for businesses. This funding round values Moniepoint at over $1 billion, officially granting it “unicorn” status—a milestone reserved for companies worth a billion dollars or more, Reuters reported, citing sources close to the deal.

Founded in 2015 by Tosin Eniolorunda, Moniepoint (formerly TeamApt) initially focused on building infrastructure and payment solutions for financial institutions. Over time, it expanded into personal banking, becoming a central player in Nigeria’s fintech landscape. In March 2023, Moniepoint brought on Pawel Swiatek as Chief Operating Officer (COO), following a company-wide rebrand in January.

Moniepoint platform will offer digital payments, banking, foreign exchange (FX), credit, and business management tools, positioning Moniepoint as a comprehensive solution for business needs across the continent.

“This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said.

Moniepoint is among a select group of Nigerian fintech startups working to bridge financial gaps for underserved communities often overlooked by traditional banking. In 2022, we also spotlighted Flutterwave, Africa’s most valuable fintech startup, following its $250 million Series D funding round aimed at transforming payment solutions across Africa and other emerging markets.

Moniepoint Team