Africa Investment Fund: Google Among Investors Putting $110m Into Nigeria’s Moniepoint

Nigeria’s fintech company, Moniepoint, has secured $110 million in funding to expand its digital banking services across Africa. The funding round attracted investments from notable firms, including Google’s Africa Investment Fund, Development Partners International, Lightrock, and Verod Capital. With this influx of capital, Moniepoint is now valued at over $1 billion, earning it the prestigious “unicorn” status in the tech industry.

Moniepoint, founded in 2015, initially focused on providing infrastructure for banks and financial institutions. In August of last year, the company expanded its services to include personal banking, and it now processes over 800 million transactions monthly, worth more than $17 billion. The new funds will be used to accelerate growth across Africa and develop an integrated platform for digital payments, banking, FX services, and business management tools.