Good People, this is a very great one for Nigeria and Africa: “Moniepoint Inc., Africa’s fastest growing fintech, announces it has successfully raised US$110 million in equity financing, to power the dreams of millions of businesses and their customers across Africa and the diaspora.
“Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has an enviable track record of serving customers across Africa. Initially focused on providing infrastructure and payment solutions for banks and financial institutions, Moniepoint has grown into Nigeria’s leading business banking provider, trusted by millions of businesses. Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion—all while operating profitably.”
I congratulate Moniepoint Team, Nigeria and the investors because this is a massive validation. At Tekedia Capital, we’re currently investing in 15 companies, and when you wake up, and read that $110m has been raised, you are reminded that abundance remains in the future. Congrats Moniepoint because this is a very big one.
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Young People, we want more. As I have always noted, the best time to do great things in Nigeria is now because the best companies have not been started. We want more.
According to Reuters, this deal makes Moniepoint a unicorn: ‘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.’
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