By Faith Joyful Hezekiah, Port Harcourt
Fastgrowing microfinance bank, Moniepoint, has secured a $110 million investment from Google and other investors, bringing its valuation to an impressive $1 billion.
The Series C investment was spearheaded by the Development Partners International’s African Development Partners (ADP) 111 fund, which is recognized as a premier fund dedicated to Africa.
Other investors include Google’s Africa Investment Fund and Verified Capital, a private African equity firm. Lightrock, a global impact firm and existing investor, also joined in on the funding.
Moniepoint said the funds raised will be deployed to accelerate its growth throughout Africa, creating platforms to support African businesses.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, under the name TeamApt, Moniepoint specializes in delivering infrastructure and payment solutions for banks and financial institutions.
The company entered the personal banking sector in August 2023 and has since witnessed a staggering 2,000% growth in personal finance customers over the past year, alongside a revenue growth rate exceeding 150% CAGR in recent years.
Moniepoint now boasts over 800 million transactions, with a monthly total value surpassing $17 billion. Adefolarin Ogunsanya, a partner at Development Partners International, remarked that Moniepoint has emerged as one of Africa’s most dynamic and rapidly growing companies.
He expressed eagerness to collaborate closely with Tosin and his skilled team to broaden Moniepoint’s customer base by offering businesses and individuals top-tier banking and payment services.
