Visa, a global multinational payment card giant has invested in Moniepoint, a Nigerian fintech unicorn. Both companies have come together to expand financial inclusions for African businesses. According to sources familiar with the investment say Moniepoint received over $10 million from Visa.
According to Moniepoint CEO, Tosin Eniolorunda, Visa's investment is a big opportunity for the Moniepoint to “digitize and support African businesses at scale.”
He further pointed that the investment help them achieve their aims in deepening “financial inclusion and enabling small and medium enterprises (SMEs) to access the tools and resources they need to thrive in an increasingly digital economy.”
Visa’s investment in Moniepoint makes the company part of the Nigerian unicorn’s investors. Moniepoint already have Google’s Africa Investment Fund, British International Investment (BII), Development Partners International, Global Ventures, Verod Capital, Endeavor Catalyst, Novastar Ventures, Lightrock and QED Investors as existing investors.
The Moniepoint-Visa Investment now makes Visa an investor in Nigeria’s three locally-founded fintech unicorns. In other words, Visa already has investments in Interswitch and Flutterwave.
This Visa’s $10 million Investment comes to Moniepoint three months after Moniepoint raised $110 million in a Series C funding round that tripled the company’s valuation to hit the billion-dollar mark. Its Series C funding now exceeds $120 million. Visa will join Moniepoint’s board following its investment.
