BEHIND THE STITCH: ALANI
June 21, 2024
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Moniepoint, a prominent Nigerian fintech company, has achieved a $1 billion valuation, marking a significant milestone for the African tech industry.
Originally known for providing point-of-sale (POS) services to merchants, Moniepoint hasevolved into a broader financial services platform offering digital banking solutions, business loans, and more, primarily aimed at serving small and medium-sized enterprises (SMEs) across
Nigeria.
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The unicorn status highlights the growing influence of Nigerian fintech on the global stage and the potential of African startups to attract international investors.
Moniepoint’s valuation reflects the company’s growth trajectory and aligns with the rising demand for accessible financial services across Africa. The company is not Africa’s eighth unicorn.
Moniepoint achieved “unicorn” status after securing $110m in funding from investors, including Google and London-based private equity firm Development Partners International.
A unicorn is when a company is valued above $1 billion, and such a company is not publicly traded.
