Google among investors putting $110 million into Nigeria’s Moniepoint

Nigeria based fintech Moniepoint has raised $110 million in new funding from investors including Google to scale up digital payments and banking solutions across Africa, the company said on Tuesday.

Moniepoint started operations in 2015 providing infrastructure and payment solutions for banks and financial institutions but has grown to also offer personal banking services.

The latest funding round was supported by existing investors London-based Development Partners International and private equity firm Lightrock. Google’s Africa Investment Fund and Verod Capital came in as new investors.

Sources close to the transaction said the new funding valued Moniepoint above $1 billion, giving it “unicorn” status – a term for tech firms with a valuation of a billion dollars or more.

The new capital would be used to speed up Moniepoint’s growth across Africa and build an integrated platform for businesses.

“This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions,” Moniepoint said.

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

Moniepoint started offering personal banking services in August last year.

The fintech says it processes over 800 million transactions, with a monthly value of more than $17 billion.