Nigerian fintech startup Moniepoint has reached a significant milestone, raising $110 million in a funding round led by Development Partners International (DPI). This new financing round has almost tripled the company's valuation, which was around $400 million in 2022, to a staggering $1 billion.

Moniepoint, founded in 2015, provides retail banking services and caters to small and medium-sized businesses, making it a market leader in Nigeria's agent banking space. The company has demonstrated impressive growth, processing 5.2 billion transactions worth over $150 billion in 2023, a 205% increase from the previous year.

With this funding round, Moniepoint becomes the eighth unicorn in Africa, joining an exclusive club that includes MNT-Halan, Interswitch, Flutterwave, Chipper, OPay, Wave, and Andela. The company's annualized revenue has grown to over $100 million, according to sources familiar with the matter.

This achievement is a testament to Moniepoint's solid business model and bright prospects, despite the challenges posed by naira devaluation. The company's success is expected to have a positive impact on Nigeria's fintech ecosystem, inspiring other startups to strive for similar success.