Deal Summary
Moniepoint Inc, a financial services holding company offering payment, credit, business management, and banking services, secured $110 million in a Series C round led by Development Partners International (DPI) with Google, Verod Capital, and Lightrock. This funding elevates Moniepoint’s valuation to over $1 billion, marking its “unicorn” status. The financial services group, founded in 2015, has developed a suite of payment solutions targeted at African SMEs. Moniepoint (formerly TeamApt) aims to diversify its offering beyond payments to become a full digital bank for SMEs and pursue inorganic growth in new markets and geographies like Kenya and Tanzania. In Kenya, Moniepoint has received approval from the Competition Authority of Kenya to acquire Kopo Kopo.
Terms
- Fund Managers: Development Partners International, Verod Capital, Google, Lightrock
- Funds: African Development Partners III Fund (DPI), Google African Investment Fund (Google), Verod Capital Growth Fund III (Verod), Lightrock Africa Fund I (Lightrock)
- Deal Type: Series C Equity
