Nigerian fintech startup Moniepoint has raised $110 million in a recent funding round led by Development Partners International (DPI), pushing the company’s valuation to an estimated $1 billion. The new valuation triples Moniepoint’s value from its 2022 round, which was about $400 million.
With this funding, Moniepoint joins the exclusive club of African unicorns, including Flutterwave, Interswitch, Chipper, Wave, OPay, and Andela. “They got the primary round at a $1 billion valuation,” shared a source, signifying Moniepoint’s substantial growth since its founding in 2015.
The funding round included both primary investments and a secondary sale at a discounted valuation, which appealed to many investors. Moniepoint’s core offerings include retail banking services and agent banking solutions, catering to small and medium-sized businesses across Nigeria. The company has become a leader in Nigeria’s agent banking market.
In 2023, it was ranked second on the Financial Times list of Africa’s fastest-growing companies.
Moniepoint’s revenue growth has been substantial. While the FT report estimated its annual revenue at $62.6 million in 2021, recent estimates from sources suggest that Moniepoint’s annualized revenue now exceeds $100 million. In 2023 alone, the company processed over 5.2 billion transactions worth more than $150 billion—a 205% increase in transaction value from the previous year.
Investors remain optimistic about its future, especially as it continues to expand in Nigeria’s rapidly growing fintech space.
