Nigerian technology company Moniepoint secures $110 million investment

Moniepoint, a Nigerian fintech company that serves thousands and thousands of entrepreneurs across Africa, has secured $110 million in financing for expand your corporation. The financing got here from 4 entities: London Development Partners International and Lightrock, which had previously invested within the company; The recent investors are the Google African Investment Fund and Verod Capital.

Moniepoint – formerly called TeamApt –was named fastest growing fintech company in accordance with Financial Times for 2 years.

The company provides quite a lot of financial services, including bank accounts, loans and business management services. It processes over 800 million transactions monthly value over PLN 7 billion.

Moniepointe co-founder Tosin Eniolorunda says the brand new investor will provide financing help the company improve customer experience.

“Our mission is to assist our customers solve their challenges by making our platform more progressive, transparent and secure. Proceeds from this fundraising will speed up our efforts towards financial inclusion and supporting Africa’s entrepreneurial potential. I need to sincerely thank all the Moniepoint team for making this achievement possible, ” – said Eniolorunda in a press release shared Afrotech.

Adefolarin Ogunsanya, Partner at Development Partners International, also expressed his excitement to contribute to the event of Moniepoint.

“We are delighted to steer this investment round in Moniepoint, one of the vital exciting and fastest growing corporations in Africa. As a profitable company led by a wonderful management team with a transparent strategic vision, Moniepoint is well positioned to proceed its impressive growth trajectory while ensuring financial inclusion for vulnerable businesses and individuals across Africa, Afrotech reports.

Moniepoint officials say they are going to proceed to prioritize Nigeria, however the company plans to expand into other African countries. The company is currently assessing these markets to evaluate how effectively it may well operate meet customer needs.

The successful fintech company has previously received support from QED Investors, British International Investment (BII) and Endeavor Catalyst. Since its founding in 2015, the company has raised over $180 million.