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African fintechMoniepointjust conclude $ 110 million in fresh funding , and it has landed Google ’s Africa Investment Fund as a new investor . The Series C round was head by Development Partners International ’s African Development Partners ( ADP ) III fund .
Other investors , include African individual equity firm Verod Capital and existing investor Lightrock , also enter .
Moniepoint , also backed by QED Investors , British International Investment ( BII ) , and Endeavor Catalyst , has raised over $ 180 million since its launching in 2015 .
According to theFinancial Times , the round makes Moniepoint a unicorn — a private company with a valuation of $ 1 billion or more . The African fintech was last valued slightly over $ 800 million in aQED - led roundtwo years ago .
Moniepoint ab initio centre on providing infrastructure and payment solvent for banks and fiscal innovation before pivot to becoming a stage business banking supplier , an sphere where it has found remarkable succeeder .
The African fintech caters to small and medium - sized businesses ( SMBs ) across Nigeria , offering working upper-case letter , business sector expansion loans , and business management tools such as expense direction ( clientele payment cards ) , accountancy and bookkeeping solutions , and insurance .
The fintech , which powers most of Nigeria ’s point - of - sale ( POS ) proceedings as the country ’s large merchandiser acquirer , claims it march over 800 million transactions , with monthly full value exceeding $ 17 billion .
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Moniepoint aver it will expend the unexampled funding to accelerate its growing across Africa ( 90 % of its business comes from Nigeria ) as it progress digital payments , banking , alien exchange ( FX ) , credit , and business management tool . The 9 - year - old fintech recently foray into the personal banking market and claims to have seen 20x customer growth over the preceding yr .
