Nigerian based startup Moniepoint, just nine years old, has achieved the remarkable feat of reaching unicorn status after securing $110 million in funding from prominent investors, including Google and London-based private equity firm Development Partners International.
This significant investment propels the company’s valuation above $1 billion, solidifying its position as a leader in the region’s thriving tech ecosystem.
A unicorn is a privately held startup company valued at over $1 billion, typically backed by venture capital investors, and not publicly traded on the stock market. Coined by venture capitalist Aileen Lee in 2013, unicorns are rare, representing less than 1% of startups. She used it to describe American software companies that were less than 10 years old and valued at $1 billion or more by private investors or public markets.
To qualify, a company must be privately held, valued above $1 billion, and not listed on any stock exchange. Notable unicorns include Airbnb, Uber, SpaceX, and Stripe, which often disrupt traditional industries, drive innovation, create new markets, and attract significant investment.
These exceptional companies have transformed the startup ecosystem, setting new standards for growth and success.
The fintech’s journey started in 2015 when visionary entrepreneurs Tosin Eniolorunda and Felix Ike, decided to start a company called TeamApt (now Moniepoint).
Since then, the startup has established itself as a pioneering force in Africa’s financial landscape. Initially specializing in infrastructure and payment solutions for banks and financial institutions, the company has evolved into Nigeria’s premier business banking provider, delivering innovative services to a vast customer base across the continent.
The company has just concluded its Series C funding round. Series C is a stage of venture capital funding for startups, typically representing the third round of financing after Series A and Series B.
This later-stage funding round usually involves large investment amounts, ranging from $50 million to $100 million or more, from strategic investors such as large venture capital firms, private equity firms, or industry players.
The primary goals of Series C funding are to accelerate growth, expand market share, and further develop products or services.
Moniepoint’s funding will accelerate its Africa-wide growth, creating an integrated platform offering digital payments, banking, FX, credit, and business management tools. This all-in-one solution will simplify operations for African businesses, fostering financial inclusion and economic growth.
Moniepoint has achieved a landmark milestone, becoming the ninth African startup to reach unicorn status, a testament to the continent’s burgeoning tech ecosystem. This feat solidifies Moniepoint’s position among Africa’s elite startups, joining the ranks of Flutterwave, OPay, Chipper Cash, Wave, Andela, Esusu, InterSwitch and MNT-Halan.
The African tech ecosystem has faced its fair share of challenges, including global economic downturns that have led to a funding winter for startups across the continent.
Amidst these challenges, several African startups have achieved unicorn status, reflecting the maturity and potential of the ecosystem.
Reaching unicorn status showcases Moniepoint’s innovative approach to financial solutions, demonstrating its potential for noticeable growth and impact. As a leading business banking provider, Moniepoint’s platform integrates digital payments, banking, foreign exchange, credit, and business management tools, empowering African entrepreneurs and businesses.