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Moniepoint valued at $1 billion as Google, others invest $110 million

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Nigerian fintech, Moniepoint, has secured a $110 million investment from multiple investors including Google, bringing its valuation to $1 billion and giving it a unicorn status.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa.

Other new investors include Google’s Africa Investment Fund and Verod Capital – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated in the funding round.

According to the company, the capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses.

From payment solutions to banking 

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) initially focused on providing infrastructure and payment solutions for banks and financial institutions.

  • In August 2023, Moniepoint entered the personal banking market and has experienced 2,000% growth in personal finance customers over the past year while growing its revenue at over 150% CAGR in recent years.
  • Moniepoint says it now processes over 800 million transactions, with a monthly total value exceeding US$17 billion.

Why they invested 

Speaking to the rationale for their investment, Adefolarin Ogunsanya, Partner at Development Partners International, noted that Moniepoint has become one of Africa’s most exciting and fastest growing companies.

“Moniepoint is well positioned to continue its impressive growth trajectory while driving financial inclusion for underserved businesses and individuals across Africa. DPI has a long-track record of supporting businesses like Moniepoint to achieve their next stage of scale.  

“The company’s combination of innovative technology, fast growth, and positive impact on the continent underpins our conviction in its future success.  

“We look forward to working closely with Tosin and his talented team to expand Moniepoint’s customer base by providing businesses and individuals with first-class banking and payments services,”Ogunsanya stated.

What you should know 

Nigeria is seen as the fastest-growing fintech market in Africa, driven by its more than 200 million people, many of whom still lack access to financial services like banking.

While Nigerian fintechs have seen growth in investments in the past years to scale and expand their service offerings, investment has slowed this year as African startups are experiencing funding winter.

Moniepoint’s Series C came as the biggest raise by any Nigerian fintech so far this year and it is one of the two biggest fundraisings by any Nigerian startup this year, the second being Moove’s $110 raise in two deals.

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Business

First Bank Denies Losing N7 Billion To Fraud Incident, Says Report Is Unfounded

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December 14, 2024

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Ekwutosblog has gathered that the First Bank of Nigeria (FBN) has denied losing N7 Billion to a fraud incident in the course of the year.

This was a response to an earlier report by a news platform (not CITyNEWS) that the bank lost the aforementioned amount to a massive fraud incident that affected customers’ funds.

“First Bank, Nigeria’s oldest bank, was hit by a massive fraud incident that led to the theft of ₦7 billion from customer accounts by unknown persons, according to one person with direct knowledge of the matter. Three other persons who asked not to be named discussing sensitive company matters confirmed the incident.”

In a statement sent to this publication, First Bank described the report as unfounded as it wasn’t based on any factual event.

“Correction of Misleading Information Regarding Fraud Allegations.

“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence.”

Over the years, First Bank has built a strong reputation around seamless banking, safety of customers’ funds, excellent customer service, and several others.

For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.

In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by ’ by Euromoney Awards and ‘’Most Innovative Banking Brand – Nigeria 2023’’ by Global Brands Award.

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Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent drop in the price of beans.

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December 13, 2024

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Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent drop in the price of beans.

The traders expressed their joy in separate interviews with NAN on Friday in Lagos.

According to the report, there has been a slight drop in the price of beans that has consistently risen in the past few months…

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Naira Gains ₦14.94 in Official Market, Improves in Parallel Trade

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December 13, 2024

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The naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday.

According to data from the Central Bank of Nigeria, CBN, the naira closed at N1,532 per dollar on Thursday, improving from N1,545 recorded on Wednesday.

Similarly, data from FMDQ showed that the naira strengthened to N1,534.35 per dollar on Thursday, compared to N1,549.29 traded the previous day. This represents an appreciation of N14.94 against the dollar.

At the parallel market, the naira also gained trading between N1,640 and N1,680 per dollar on Thursday, compared to N1,710 on Wednesday, according to Abubakar Alhassan, a Bureau de Change operator in Wuse 4, Abuja.

Akelicious reports that the naira has experienced fluctuations throughout the week.

This volatility follows the recent introduction of the Electronic Foreign Exchange Matching System, EFEMS, by the CBN, aimed at ensuring more transparent FX transactions.

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