Nigerian fintech startup Moniepoint has officially reached unicorn status after securing $110 million in a Series C funding round. Led by Development Partners International, the investment values the company at over $1 billion. Originally founded in 2015 as TeamApt, Moniepoint shifted its focus from banking infrastructure to providing digital financial services and physical point-of-sale terminals to underserved businesses. This funding will support the company’s expansion across Africa as it continues to process billions of dollars in transactions monthly.
- Moniepoint secured $110 million in a Series C funding round, pushing its valuation past the $1 billion threshold to achieve unicorn status.
- The funding round was led by Development Partners International (DPI), with additional participation from Google’s Africa Investment Fund and Verod Capital.
- Founded in 2015 as TeamApt, the company initially built digital banking infrastructure for traditional African banks before transitioning to direct business banking.
- The startup gained massive market share in Nigeria by providing reliable point-of-sale (POS) terminals and offline payment solutions to small and medium enterprises.
- The newly acquired capital will be used to accelerate Moniepoint’s expansion into other markets across the African continent.
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