Nigerian fintech company Moniepoint has officially reached “unicorn” status after raising $110 million in funding from a group of investors, including Google and London-based private equity firm Development Partners International.
The nine-year-old startup announced this milestone in a statement on Tuesday, marking a significant increase in its valuation to over $1 billion for the first time.
In the startup landscape, a unicorn refers to a privately held company valued at more than $1 billion and not publicly traded.
The funds will be utilized to accelerate Moniepoint’s growth across Africa, as the company aims to create an all-in-one, seamlessly integrated platform tailored for businesses of all sizes.
This comprehensive platform will offer a range of services, including digital payments, banking, foreign exchange, credit, and business management tools, positioning Moniepoint as a one-stop shop for business solutions across the continent.
