Moniepoint reaches unicorn status — $1 billion valuation
Nigerian fintech pioneer Moniepoint has officially crossed the $1 billion valuation threshold, entering unicorn territory after securing a $110 million Series C funding round to accelerate its digital financial services.
Lagos, Nigeria — October 29, 2024 — Business and personal banking platform Moniepoint has officially reached unicorn status after closing a $110 million Series C funding round, pushing its valuation above $1 billion. The round was led by Development Partners International (DPI) alongside major institutional backers including Google’s Africa Investment Fund, Verod Capital, and Lightrock, signals continued investor confidence in African digital financial infrastructure.
Founded in 2015 by Tosin Eniolorunda and Felix Ike as TeamApt, Moniepoint originally started as a software provider for banks before transitioning to consumer and merchant financial services. In 2023, the company processed over $182 billion in transaction volume, serving millions of merchants and individual bank accounts across Nigeria.
This capital infusion will fund Moniepoint's product expansion, customer acquisition, and cross-border expansion strategies. Operating at scale with consistent profitability, Moniepoint's rise to unicorn status establishes it as a resilient force in the African fintech landscape.
Moniepoint's unicorn milestone demonstrates that profitability and merchant-led customer density are highly viable in Sub-Saharan Africa. Investors should note that TeamApt's pivot from B2B bank software provider to merchant acquirer succeeded due to their deep understanding of local liquidity management. The key risk remains local currency devaluation, but Moniepoint's transactional volume hedge mitigates this compared to pure consumer play competitors.
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