Picture supply: Tosin Eniolorunda/ Instagram
Moniepoint Inc., a well known Nigerian monetary expertise startup, has efficiently raised US$110 million in Sequence C financing led by Improvement Companions Worldwide. Becoming a member of this spectacular checklist of buyers are Google Africa Funding Fund, Verod Capital and Lightrock.
“Right now, I’m excited to announce that Moniepoint has raised $110 million, a milestone in our mission to carry monetary happiness to tens of millions of individuals in Africa! That is simply day one, and we’re desirous to proceed powering extra desires. Though Ennio LorendaCo-founder and Group CEO of Moniepoint.
Since its founding in 2015, Moniepoint has performed a key position in instantly and not directly reshaping the monetary expertise of tens of millions of individuals by progressive expertise.
“We have now been so profitable at this that at the moment we’re Nigeria’s largest service provider acquirer and face-to-face funds platform, with two-thirds of adults in Nigeria making funds by Moniepoint terminals. Moniepoint at present processes over 800 million transactions , with a month-to-month complete worth of greater than $17 billion, whereas reaching profitability.
The funds raised might be used to speed up Moniepoint’s progress in Africa as they work to construct an built-in, seamlessly built-in platform for companies of all sizes. In a information article asserting the funding, Tosin emphasised that the platform will cowl companies corresponding to digital funds, banking, cross-border funds, credit score and enterprise administration instruments, making it a one-stop store for companies.
Tosin believes the investments from Improvement Companions Worldwide (DPI), Google Africa Funding Fund, Verod and Lightrock replicate Moniepoint’s important affect on digital and monetary inclusion, in addition to its capability to drive financial exercise and growth. “This additionally illustrates our progress and profitability. In recent times, our income has grown at a compound annual progress fee of greater than 150%, and our gross revenue and EBITDA margins are industry-leading,” he added.
Based on TechCabal, “The post-money valuation means Moniepoint will change into the continent’s eighth unicorn, becoming a member of a choose group that features MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave and Andela.”
