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Current backers like Development Partners International and Lightrock join new backers like Google's Africa Investment Fund

Moniepoint, a fintech company located in Nigeria, has raised $110 million, with Google among the major investors. With this most recent investment, Moniepoint is making significant progress in expanding digital banking and payment services throughout Africa.

According to Reuters, when Moniepoint was first established in 2015, it offered payment solutions to banks and other financial organizations. To satisfy the increasing demands of regular clients, it gradually grew to provide personal banking services.

Current backers like Development Partners International and Lightrock joined new backers like Google's Africa Investment Fund and Verod Capital in this most recent investment round. Moniepoint is now formally a "unicorn," a word used to describe software companies valued at $1 billion or more, thanks to this infusion of funding.

Future Plans for Expansion

The fresh funds will help Moniepoint grow even faster across Africa. The company plans to create a unified platform that combines various services like digital payments, banking, foreign exchange (FX), credit, and business management tools. This all-in-one solution will simplify financial tasks for both individuals and businesses.

With a population of more than 200 million, Nigeria is the African fintech market with the quickest rate of growth. Banking and other essential financial services are still inaccessible to many of these people. In August 2023, Moniepoint opened its personal banking services to fill this gap and serve people who require improved financial access.

Currently, Moniepoint processes over 800 million transactions every month, totalling more than $17 billion in value. These numbers highlight how essential fintech companies are in helping people manage their money more effectively.

Investor Confidence and Market Potential

The support from Google and other investors shows a strong belief in the future of digital banking in Nigeria and beyond. As Moniepoint continues to develop and improve its services, it will likely attract even more customers looking for easy and efficient financial solutions.

Moniepoint is in a strong position to capitalize on the rising demand for digital financial services because of its emphasis on creating an intuitive platform. Nigeria's fintech industry is changing quickly, and Moniepoint's innovation efforts will help it stay relevant and competitive.