Moniepoint raises $90 million to finish $200 million Sequence C spherical

Moniepoint, one in all Nigeria’s most outstanding fintechs, has raised an extra $90 million to finish its Sequence C spherical, one yr after attaining unicorn standing and turning a revenue. 

The spherical was led by Improvement Companions Worldwide’s African Improvement Companions III (ADP III) fund, with LeapFrog Funding, an influence investor, anchoring the ultimate shut. Different buyers within the spherical embrace Lightrock, Alder Tree Investments, Google’s Africa Funding Fund, Visa, the Worldwide Finance Company (IFC), Proparco, Swedfund, and Verod Capital Administration.

Moneipoint stated the recent capital shall be used to energy the its subsequent part of progress and continued growth throughout the continent and into worldwide markets. 

“The proceeds from our landmark Sequence C shall be deployed judiciously to generate much more momentum as we enter the subsequent chapter of Moniepoint’s story – with monetary happiness for Africans in every single place remaining our final objective,” stated Tosin Eniolorunda, the CEO of Moniepoint. 

Since its $110 million preliminary Sequence C spherical, the corporate has expanded its product to incorporate a remittance product, a list product and launched contactless cost playing cards. In June, it secured approval from Kenyan regulators to amass a majority stake in Sumac, a Kenyan microfinance financial institution. When accomplished, that deal would give Moniepoint a foothold in Kenya’s estimated $67.3 billion cellular funds market.

The corporate can be deepening its remittance play. Moniepoint Group earmarked $7.39 million for its London growth, and to this point, it has spent almost half,  in accordance with UK regulatory filings. In April, it launched its first remittance product, MonieWorld, which permits UK residents to ship cash on to any Nigerian checking account utilizing a MonieWorld account, British financial institution playing cards, or Apple Pay and Google Pay.