Nigerian fintech, Moniepoint has achieved “unicorn” status after securing $110m in funding from investors, including Google and London-based private equity firm Development Partners International.
The nine-year-old startup made this disclosure in a statement on Tuesday.
The investment has boosted Moniepoint’s valuation to over $1bn for the first time.
In the startup ecosystem, a unicorn is a privately held company valued at more than $1bn and not publicly traded.
“The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes.
“This platform will include services such as digital payments, banking, foreign exchange, credit, and business management tools, making it a one-stop shop for business solutions,” the startup said.