In a significant milestone for the African fintech landscape, Moniepoint, formerly known as TeamApt, has successfully secured a whopping $110 million in its Series C funding round. This funding round is particularly noteworthy as it includes backing from the Google Africa Investment Fund, which joins other prominent investors led by Development Partners International’s African Development Partners (ADP) III fund. The influx of capital will enable Moniepoint to expand its operations and offerings, further solidifying its position as a leader in business banking solutions tailored for small and medium-sized businesses (SMBs) across the continent.
| Table of Contents |
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| Company Background |
| Funding and Valuation |
| Expansion Plans |
| Future Prospects |
Company Background
Moniepoint has undergone a significant transformation since its inception in 2015. Initially focused on providing payment infrastructure for banks, the company has pivoted towards delivering comprehensive business banking solutions. Its services now encompass a wide array of financial products designed to support small and medium-sized businesses, including working capital, loans for business expansion, and essential business management tools like expense management, accounting solutions, and insurance.
As of the end of 2022, Moniepoint claimed to serve approximately 400,000 SMBs in Nigeria, processing over $100 billion in annualized run-rate transactions—a testament to its robust business model and growing market presence.
Funding and Valuation
The recent Series C funding round represents a significant boost to Moniepoint’s financial firepower, bringing its total funding to over $180 million. Reports suggest that this investment has catapulted Moniepoint to unicorn status, culminating in a valuation exceeding $1 billion. This impressive leap follows a previous valuation of nearly $800 million, backed by investment from QED Investors.
Expansion Plans
Moniepoint’s strategic deployment of this new funding is primarily aimed at accelerating growth across Africa, with a strong emphasis on Nigeria, which accounts for 90% of its business. The company is poised to develop an all-inclusive platform that caters to the needs of African businesses of all sizes. This platform will integrate services such as digital payments, banking solutions, foreign exchange, credit facilities, and advanced business management tools.
In a step toward diversifying its offerings, Moniepoint has also ventured into the personal banking sector, achieving a remarkable 20x increase in customer growth over the past year. This move signals Moniepoint’s commitment to shaping a comprehensive financial ecosystem in Africa.
Future Prospects
With substantial financial backing and an extensive suite of services developed for the unique needs of the African business landscape, Moniepoint is well-positioned for continued growth and innovation in the fintech industry. As the company leverages its new resources, it aims to deepen its impact on the African market, paving the way for more SMBs to access the tools and capital required for their success.
FAQ
- What is Moniepoint?
- Moniepoint is an African fintech company that provides business banking solutions primarily focused on small and medium-sized businesses.
- Who invested in Moniepoint’s recent funding round?
- The recent $110 million funding round was led by the Development Partners International’s African Development Partners (ADP) III fund and included investments from the Google Africa Investment Fund, as well as several other notable investors.
- What are Moniepoint’s future plans with the new funding?
- Moniepoint plans to utilize the funding to expand its operations across Africa, focusing on developing a comprehensive platform which integrates various financial services tailored to the needs of businesses on the continent.
