Moniepoint, the Nigerian fintech unicorn, has secured a strategic investment from the global payments giant Visa. This comes three months after Moniepoint raised $110 million in a Series C funding round that tripled the company\u2019s valuation to hit the billion-dollar mark. The investment signals increasing interest in Moniepoint which many investors consider a solid company with bright prospects.<\/p>\n\n\n\n
Visa\u2019s investment will help Moniepoint expand its services for African businesses. Founded in 2015, Moniepoint provides banking and payment services to small and medium businesses and retail banking. It is one of the market leaders in Nigeria\u2019s agent banking space, with over 300,000 POS agents. The company processed 5.2 billion transactions in 2023.<\/p>\n\n\n\n
This partnership combines Moniepoint\u2019s local expertise and innovative business model with Visa\u2019s global resources and capabilities.<\/p>\n\n\n\n
Visa\u2019s backing is a strong endorsement of our vision to digitize and support African businesses at scale,\u201d said Tosin Eniolorunda, Founder and Group CEO of Moniepoint. \u201cWe aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.<\/p>\n\n\n\n
Visa joins other Moniepoint\u2019s investors including Development Partners International, Google\u2019s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst.<\/p>\n\n\n\n
\u201cMoniepoint has built an impressive platform that directly addresses the needs of Africa\u2019s SMEs, a critical segment in enabling economic development,\u201d Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added.\u201dBy making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.\u201d<\/p>\n\n\n\n
Visa is now an investor in Nigeria\u2019s three locally-founded fintech unicorns: Interswitch, Flutterwave and Moniepoint. In 2019, Interswitch attained unicorn status after Visa acquired a minority stake in the payments company. Visa was one of the investors in Flutterwave\u2019s $35m Series B in 2020. The global payments giant also participated in the Series A funding round of Paystack, the Stripe-owned Nigerian fintech, in 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"
Moniepoint, the Nigerian fintech unicorn, has secured a strategic investment from the global payments giant Visa. This comes three months after Moniepoint raised $110 million in a Series C funding round that tripled the company\u2019s valuation to hit the billion-dollar mark. The investment signals increasing interest in Moniepoint which many investors consider a solid company …<\/p>\n","protected":false},"author":1,"featured_media":2066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[19],"tags":[],"class_list":["post-2062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tie-business"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t