Moniepoint has raised $110 million in equity financing, achieving unicorn status in the process.
Its series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. Other new investors include Google’s Africa Investment Fund and Verod Capital. Global impact firm, Lightrock, an existing investor, also participated in the funding round.
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According to the fintech, the capital raised will be used to accelerate its growth across Africa, building an all-in-one, seamlessly integrated platform for businesses of all sizes.
Moniepoint had already previously raised $55 million from investors and its new funding series has raised its valuation to at least $1 billion.
The fintech noted that it processes over 800 million transactions, with a monthly total value exceeding $17 billion.
More details to follow…