According to Techcrunch, Nigerian fintech Moniepoint receives “strategic investment” from Visa. It told Afrotech that the money will aim to propel financial inclusion and support the expansion of small and medium-sized enterprises (SMEs) across Africa.
The African startup received over $10 million from Visa after securing a £110 million investment last October. Now, its Series C surpasses $120 million, but according to sources, it is allegedly speaking to other investors and could potentially attract more funding in the coming months while continuing its billion-dollar valuation. However, Moniepoint did not comment on Visa’s investment or attraction from other investors.
“With Visa as our investor, we can strategically collaborate to continue to grow the payment ecosystem and expand to more countries, which is a key goal for us,” CEO Tosin Eniolorunda told TechCrunch.
Strategic Focus on Business Banking and Financial Access
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint was originally launched as TeamApt. Moniepoint’s platform provides a range of services beyond standard banking, including business loans, expense management tools, bookkeeping solutions, and more.
In 2023, the company also entered the personal banking market with an app and debit card, positioning itself as a one-stop financial solution for both businesses and individuals.
Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure,” Eniolorunda mentioned in the news release shared with AfroTech.
Image: Moniepoint
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