Total amount raised
$233.1 Million
Latest funding date
1/1/2025
Location
Moniepoint has successfully raised funds over 10 rounds, with the latest being a Series C round. The company is backed by 22 investors, including Development Partners International and Proparco.
Moniepoint offers a comprehensive suite of business banking solutions, including business accounts, POS terminals, expense cards, working capital loans, and Moniebook software for managing sales and stock. Keep reading to explore the intricacies of Moniepoint's fundraising journey and the investors backing this innovative platform.
What Is Moniepoint?
Moniepoint is a financial technology company based in London, England, United Kingdom, with a workforce of 51-100 employees. The company specializes in providing payments, credit, business management, and banking services for businesses.
Moniepoint offers a range of business banking solutions, including business accounts, POS terminals, expense cards, working capital loans, and business savings plans. The institution is licensed and regulated by the Central Bank of Nigeria and insured by the Nigerian Deposit Insurance Corporation (NDIC).
How Much Funding Has Moniepoint Raised?
- Seed Round
- Amount Raised: USD 2,758,696
- Date: February 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial product offerings.
- Series A Round
- Amount Raised: USD 5,500,000
- Date: February 2019
- Lead Investors: Quantum Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product development and market reach.
- Series A Round
- Amount Raised: USD 9,799,998
- Date: December 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Series B Round
- Amount Raised: USD 30,000,000
- Date: July 2021
- Lead Investors: Novastar Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market presence and improve technology infrastructure.
- Series B Round
- Amount Raised: USD 20,000,000
- Date: October 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and enhance product offerings.
- Debt Financing
- Amount Raised: USD 5,000,000
- Date: June 2022
- Lead Investors: British International Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure working capital for operational expansion.
- Series C Round
- Amount Raised: USD 50,000,000
- Date: August 2022
- Lead Investors: Novastar Ventures, QED Investors
- Valuation at Round: USD 400,000,000
- Motivation Behind the Round: To expand digital payment and banking solutions across Africa.
- Series C Round
- Amount Raised: USD 110,000,000
- Date: October 2024
- Lead Investors: Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock
- Valuation at Round: USD 1,000,000,000
- Motivation Behind the Round: To expand operations within Nigeria and across Africa, particularly targeting Francophone countries.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: January 2025
- Lead Investors: Visa
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To form strategic partnerships and enhance service offerings.
- Series C Round
- Amount Raised: USD 90,000,000
- Date: October 2025
- Lead Investors: Development Partners International, LeapFrog Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand digital banking solutions.
Moniepoint has raised a total of USD 323,058,694 with a current valuation of USD 1,000,000,000.
Key Investors
- Development Partners International (DPI)
- Details: DPI is a private equity firm focused on Africa, known for investing in high-growth companies across the continent. They led Moniepoint's Series C funding round.
- Investment Focus Areas: High-growth companies in Africa, market leadership, social impact.
- Notable Investments: MNT-Halan, Interswitch, OPay.
- Google’s Africa Investment Fund
- Details: This fund by Google aims to support African startups and foster innovation across the continent. They participated in Moniepoint's Series C funding round.
- Investment Focus Areas: African startups, technology, innovation.
- Notable Investments: SafeBoda, Carry1st, Flutterwave.
- Verod Capital
- Details: Verod Capital is a private equity firm that invests in high-growth companies in West Africa. They participated in Moniepoint's Series C funding round.
- Investment Focus Areas: Financial services, consumer goods, healthcare.
- Notable Investments: GZ Industries, Central Securities Clearing System (CSCS).
- Lightrock
- Details: Lightrock is a global impact investment firm that focuses on businesses with a positive social and environmental impact. They are an existing investor in Moniepoint.
- Investment Focus Areas: Healthcare, education, financial inclusion.
- Notable Investments: BIMA, DrConsulta.
- LeapFrog Investments
- Details: LeapFrog Investments is a private equity firm that focuses on high-growth companies in emerging markets. They are involved in Moniepoint's Series C funding round.
- Investment Focus Areas: Financial services, healthcare, insurance.
- Notable Investments: BIMA, Goodlife Pharmacy, WorldRemit.
What's Next for Moniepoint?
Moniepoint stands at the cusp of significant growth opportunities, driven by its recent $110 million Series C funding round. The company plans to expand its digital payment and banking solutions across Africa, targeting both Nigeria and Francophone countries. With a robust platform processing over 800 million transactions monthly, Moniepoint is well-positioned to leverage the increasing demand for financial inclusion and digital banking services.
Future fundraising opportunities appear promising, given the strong backing from high-profile investors like Google's Africa Investment Fund and Development Partners International. This financial support could pave the way for additional funding rounds, enabling Moniepoint to scale its operations and introduce new services such as cross-border remittances and inventory management.
However, Moniepoint may face challenges, including navigating diverse regulatory environments across African countries and competing with other fintech giants. Ensuring the security and transparency of its platform will be crucial as the company continues to grow. Despite these hurdles, Moniepoint's strategic vision and solid financial backing suggest a bright future ahead.
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