{"id":2976,"date":"2025-01-25T00:12:24","date_gmt":"2025-01-24T23:12:24","guid":{"rendered":"https:\/\/divplanet.com\/blog\/?p=2976"},"modified":"2025-01-25T00:12:24","modified_gmt":"2025-01-24T23:12:24","slug":"moniepoint-bags-10million-visa-investment","status":"publish","type":"post","link":"https:\/\/divplanet.com\/blog\/moniepoint-bags-10million-visa-investment\/","title":{"rendered":"Nigerian Unicorn Moniepoint Bags $10Million Visa Investment"},"content":{"rendered":"

Nigerian Fintech Unicorn Moniepoint<\/a> Bags $10Million Visa Investment, a leading global payments company.<\/p>\n

African fintech firm Moniepoint has successfully raised more than $10 million in funding from Visa, pushing its Series C total to over $120 million. The digital payment company stated that this investment will enhance financial inclusion and support the growth of small and medium-sized enterprises (SMEs) throughout Africa.<\/p>\n

Visa\u2019s backing underscores Moniepoint\u2019s significant role and potential within Nigeria\u2019s card value chain as a leading issuer and acquirer. Moniepoint is involved in various services, including electronic transfers, ATMs, POS devices, mobile agents, and web payments.<\/p>\n

This announcement follows Moniepoint’s recent achievement of raising<\/a> $110 million in a Series C funding round just three months ago, which boosted the company’s valuation to over a billion dollars. The investment reflects a growing interest in Moniepoint, which is viewed by many investors as a promising company with a bright future.<\/p>\n

With Visa’s support, Moniepoint plans to enhance its services for businesses across Africa. Established in 2015, Moniepoint offers banking and payment solutions tailored for small and medium enterprises, as well as retail banking. It stands out as a leader in Nigeria’s agent banking sector, boasting more than 300,000 POS agents and processing 5.2 billion transactions in 2023.<\/p>\n

This collaboration merges Moniepoint’s local knowledge and innovative approach with Visa’s extensive global resources and expertise.<\/p>\n

\u201cVisa\u2019s investment is a powerful affirmation of our mission to digitize and empower African businesses on a large scale,\u201d stated Tosin Eniolorunda, Founder and Group CEO of Moniepoint. \u201cOur goal is to enhance financial inclusion, providing SMEs with the necessary tools and resources to succeed in a rapidly digitalizing economy.\u201d<\/p><\/blockquote>\n

Visa joins a roster of other investors in Moniepoint, including Development Partners International, Google\u2019s 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.<\/p>\n

\u201cMoniepoint has developed an impressive platform that meets the specific needs of Africa\u2019s SMEs, a vital component for driving economic growth,\u201d remarked Andrew Torre, Regional President for Central and Eastern Europe, the Middle East, and Africa at Visa. \u201cBy making financial services and digital payments more accessible and efficient, Moniepoint is revolutionizing how businesses operate in Nigeria and beyond. We are thrilled to support their next stage of growth and innovation.\u201d<\/p><\/blockquote>\n

Visa has become an investor in three Nigerian fintech unicorns that were founded locally: Interswitch, Flutterwave, and Moniepoint. Interswitch reached unicorn status in 2019 when Visa took a minority stake in the payments firm. Additionally, Visa was among the investors in Flutterwave’s $35 million Series B funding round in 2020. The global payments leader also took part in the Series A funding round for Paystack<\/a>, the Nigerian fintech owned by Stripe, back in 2018.<\/p>\n

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