Nigerian fintech Moniepoint has secured $110 million in a brand new funding spherical, led by Google, to scale its digital fee and banking options throughout Africa. Initially based in 2015 to offer infrastructure for banks and monetary establishments, Moniepoint now additionally affords private banking companies. The funding spherical, which included contributions from Google’s Africa Funding Fund, London’s Growth Companions Worldwide, Lightrock, and Verod Capital, values the corporate at over $1 billion, making it a “unicorn.” Moniepoint plans to make use of the funds to increase its companies, aiming to create a complete platform for companies. The companies will embody digital funds, banking, credit score, overseas change, and enterprise administration instruments, amongst others. Working in Nigeria, Africa’s fastest-growing fintech market, Moniepoint presently handles over 800 million transactions month-to-month, valued at greater than $17 billion.
SOURCE: REUTERS