Moniepoint has reportedly joined the list of African startups to accomplish its unicorn phase, having recorded a milestone of success in every aspect of its business, notably the hefty $110 million the FinTech unicorn acquired from its closed Series C funding round.
Moniepoint’s current unicorn valuation represents the impact of the British private equity firm Development Partners International (DPI) which led the Nigerian FinTech service provider into its brand’s latest unicorn status quo.
Aside from the British private equity firm’s hefty offerings at the FinTech company’s Series C funding round, the likes of Google’s Africa Investment Fund, Verod Capital, and Lightrock represent other investors that offered tokens to pace Moniepoint developmental growth by funding its working capital.
Moniepoint Co-founder and CEO Tosin Eniolorunda confirmed the additional equity capital will pace its development in expansion across the continent. Eniolorunda’s statement revealed the FinTech unicorn’s consent to complete the ongoing acquisition deal with the Kenyan-owned KopoKopo startup company.
Although Eniolorunda left out in-depth details about the worth of the KopoKopo acquisition deal. This connotes that Moniepoint is focused on penetrating the East African FinTech with the KopoKopo acquisition posing as its leverage to expand its operations to the Kenyan populace.
“Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential,” Eniolorunda said.
The report states that Moniepoint has been rated among the leading startup innovation front-runners on the continent since its debut in 2015. The company’s rapid growth is attributed to its streamlining transactions for individuals and businesses. It currently covers over 20,000 agents across Nigeria and offers payments, transfers, and financial services.
Having spent a decade driving financial inclusion in Africa, the newly crowned FinTech unicorn has quite the experience of providing financial solutions that spiked revenue growth and heightened brand reputation that impacted its parent company, TeamApt to rebrand itself by adopting the “Moniepoint” moniker.
The $110 million Series C round, led by DPI, marks a significant milestone per the largest funding round in Moniepoint’s history, demonstrating investor confidence. However, DPI’s expertise in enhancing Moniepoint’s growth strategy serves as a partnership and mentorship from the equity capitalist to the FunTech unicorn to enhance its FinTech services, expand agent networks, and explore new markets.
Moniepoint’s achievement demonstrates the power of innovation and strategic partnerships. As the company continues to shape Nigeria’s digital payments landscape, its unicorn status serves as a beacon for fintech entrepreneurs and investors alike.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
