Nigerian fintech, Moniepoint Inc. has secured an investment from Visa, a global leader in digital payments.
The new funding comes barely three months after the company announced a $110 million raise in a Series C led by Development Partners International’s African Development Partners (ADP) III fund, with participation from Google’s Africa Investment Fund and Verod Capital, among others.
While the amount invested by Visa is undisclosed, Moniepoint’s status as a unicorn is boosted by fresh backing from the global payment company.
Driving financial inclusion in Africa
Visa in a statement announcing the funding said the investment marked an important milestone in its commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.
“With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent.
network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, and management tools.
Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years.
The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.
With its investment in Moniepoint, Visa joins other notable investors including Development Partners International, Google’s 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 in advancing Moniepoint’s mission.
