Nigerian fintech Moniepoint has secured $110 million in a funding round led by Development Partners International, according to TechCabal.

This new capital infusion nearly triples the company’s valuation, propelling it to $1 billion and positioning Moniepoint as Africa’s latest unicorn.

Founded in 2015, Moniepoint has now joined the ranks of African fintech giants alongside companies like MNT-Halan, Interswitch, Flutterwave, and Andela.

The funding round also involved a secondary sale at a discounted rate, which reportedly attracted additional investors.

Moniepoint, which offers both retail banking services and support for small and medium-sized enterprises, has emerged as a market leader in Nigeria’s agent banking sector.

In 2023, it processed 5.2 billion transactions valued at over $150 billion, marking a 205% growth in transaction value year-over-year.

Despite Nigeria’s naira devaluation impacting growth in dollar terms, Moniepoint has sustained strong performance.

With projected annualized revenue exceeding $100 million, the company ranks among Africa’s fastest-growing enterprises, a fact recognized by the Financial Times in 2023.

Moniepoint’s impressive growth trajectory has drawn significant investor interest, securing its reputation as one of the continent’s promising fintech companies.