The Nigeria-based fintech Moniepoint has gained “unicorn” status after raising $110mn from investors including Google, a rare bright spot in an otherwise gloomy funding market for African technology companies. The funding round for the nine-year-old company, led by London-based private equity firm Development Partners International and supported by Google’s Africa Investment Fund, gave it a valuation of at least $1bn for the first time, according to people familiar with the transaction.

Moniepoint, which had already previously raised $55mn from investors, operates in the fast-growing fintech market in Nigeria, one of a cohort of companies providing digital financial services in Africa’s most populous nation where many still lack access to basic services including bank accounts.

Moniepoint’s chief executive Tosin Eniolorunda said that while the company would continue to invest in its home market of Nigeria, it planned to use the funds to expand into other countries in Africa.

“The opportunities that exist in Nigeria also exist in multiple countries,” Eniolorunda told the Financial Times.

“They are at different scales and levels of development; some countries are 10 to 15 years behind Nigeria and very few are ahead. We are looking at options in our toolkit and finding which ones would be the best to launch into a country and that’s the work we’re doing right now.”

The company, which the FT has ranked as one of Africa’s fastest-growing companies over the past two years, provides bank accounts for individuals and businesses, loans for its enterprise customers without onerous collateral requirements and point of sales terminals for small merchants.

Its popularity rocketed in February 2023 during an ill-fated attempt by the central bank to replace Nigeria’s currency notes, which left banks unable to cope with the demand for cash.

Moniepoint’s capital raise comes amid a wider slowdown in funding for start-ups across the continent. African start-ups attracted a total of $1.4bn in the first three quarters of the year, down 38 per cent on the same period last year, according to the funding tracker Africa: the Big Deal.

Analysts said higher interest rates from western central banks — particularly in the US where much of African tech funding comes from — had contributed to a slowdown in fundraising as investors cut their appetite for risk.

Osarumen Osamuyi, founder of African tech analysis firm The Subtext, said he expected Moniepoint to use the funds to “fuel expansion across the continent, likely via strategic acquisitions”.

People familiar with the matter said Kenya could be a potential starting point for expansion across the region, with acquisition talks already under way.

SOURCE: https://www.ft.com/content/9bc03560-a958-4afa-b535-c2cbc9d58560

---

The Number 8 WASSCE scorer in 2009 joined the firm as a teenager: https://www.nairaland.com/8184851/top-waec-scorers-2009-where#131566438. The founder is notorious for wearing monk-strap shoes.

cc: nlfpmod; Seun; Mukina2; dominique

Not true lol that small company is not even worth 1 million dollars lol believe it or not if that company is worth a billion dollars that means it should be a service every Nigerian house hold use infact a billion dollar company should be servicing not just Nigeria but the whole West Africa lol.
Do you know what is a billion dollar? Na just propaganda sha.
All publicity is good publicity.

Ccc

Infotubia9ja:
Not true lol that small company is not even worth 1 million dollars lol believe it or not if that company is worth a billion dollars that means it should be a service every Nigerian house hold use infact a billion dollar company should be servicing not just Nigeria but the whole West Africa lol.
Do you know what is a billion dollar? Na just propaganda sha.
All publicity is good publicity.

Ignorance they say, is truly a disease.

gracious16:


Ignorance they say, is truly a disease.

I totally agree with you on your statement 100%

Why are this fintechs not on capital market??

Infotubia9ja:
Not true lol that small company is not even worth 1 million dollars lol believe it or not if that company is worth a billion dollars that means it should be a service every Nigerian house hold use infact a billion dollar company should be servicing not just Nigeria but the whole West Africa lol.

That is not entirely for technology-powered companies. BTW, MANY Nigerians use or have patronised those who use Moniepoint services.

Do you know what is a billion dollar? Na just propaganda sha.
All publicity is good publicity.

Please check the meaning of "unicorn" in a tech context.

Actually I like that you made this point out and you might be correct to a very certain point.

Now there are things to consider for a tech company to be considered a billion dollar company.

And I will like to put some of that into light. Firstly many tech companies in Nigeria are mostly valued by people who have little to no idea what technology investment and valuation is all about now I will really love to break it down but I won't best reasons known to me .
But like I said I am not here to bash or downgrade somebody's business I am glad money point provides services as it does but. It is not a billion dollar company.
It's very easy to spot. The way the business is going, it will take it multiple years of times to get to a billion dollar company.

Gerrard59:

That is not entirely for technology-powered companies. BTW, MANY Nigerians use or have patronised those who use Moniepoint services.


Please check the meaning of "unicorn" in a tech context.

Infotubia9ja:

Actually I like that you made this point out and you might be correct to a very certain point.

Now there are things to consider for a tech company to be considered a billion dollar company.

And I will like to put some of that into light. Firstly many tech companies in Nigeria are mostly valued by people who have little to no idea what technology investment and valuation is all about now I will really love to break it down but I won't best reasons known to me.
But like I said I am not here to bash or downgrade somebody's business I am glad money point provides services as it does but. It is not a billion dollar company.
It's very easy to spot. The way the business is going, it will take it multiple years of times to get to a billion dollar company.

The recent investors are composed of Google and other investors. So, does Google's investing arm not know how to value companies pre- and post-investment? Does the Financial Times UK not know technology investment valuation?

A company worth $1BN is DIFFERENT from generating $1BN in revenue.

See that's what we don't know see. if you dig well you will see that it's not just Google but a collaboration with billy gates foundation sponsoring those small start up.
And you should get this that these big techs do this as a form to tax releases and they don't invest billions into startup like you think they do.

What Google did is that to cut cost of from taxes so the reserve stuff like used gadgets, less tech stuffs, resources and a little fund and give to less developed countries in tech related fields as relief and then use that as a tax write-off in America for tax reasons.

Now if you want to drage this further only two companies invests 10 million dollars to billions of dollars in startup of major companies are

1, BLACK ROCK
2, VANGUARD

Go do your research on this and you will get more insight.
If this two enterprise no dey ur backing then it is very very hard to show a billion dollar investment or startup in Africa as a whole.

If you say am wrong go do your research even Google in backed by those two companies and they own major shears in Google even in dangote refinery they own large chunk of shears. Show me for money point or any other payment crypto platforms this companies back for those list.

Forget media propaganda no be everything you see or read online you go just process for your brain without doing more research try the filter the info you get.

Gerrard59:

The recent investors are composed of Google and other investors. So, does Google's investing arm not know how to value companies pre- and post-investment? Does the Financial Times UK not know technology investment valuation?

A company worth $1BN is DIFFERENT from generating $1BN in revenue.

You are the most intelligent person for this comment

Solsix:
Why are this fintechs not on capital market??

Na only fintech be the only tech for naija??



Waiting for the day gaming , SNS will be picked up by tech founders in nigeria

Kaczynski:
Na only fintech be the only tech for naija??



Waiting for the day gaming , SNS will be picked up by tech founders in nigeria

Me sef taya oo my broda. Even in the fintech, it's usually the same old play; paytech. No one's innovating or thinking differently on how to solve problems. Make Eledumaré just grant me the resource and impetus to kickstart and unleash my solutions.

Why do all these fintechs have more value than our conventional banks? Opay is almost $3b in value, now monepoint. How are these things valued??