Moniepoint Group Inc, Nigerian financial services holding company offering payment, credit, business management, and banking service, has successfully raised US$110 million in equity financing in a Series C funding round led by London based Development Partners International (DPI) with (African Development Partners III Fund), Google African Investment Fund, Verod (Verod Capital Growth Fund III), and Lightrock (Lightrock Africa Fund I). The funding round makes Moniepoint a unicorn (a private company with a valuation of $1 billion or more). Established in 2015, Moniepoint currently processes over 800 million transactions, with a monthly total value exceeding US$17 billion.
DPI, Google’s Africa Investment Fund and Verod join its existing blue-chip investors such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Group, and New Voices Fund.
The transaction featured law firms advising on the global and Nigerian side of the transaction. Global law firm Norton Rose Fulbright advised Development Partners International (DPI) and Verod Capital Management (Verod) on their investment in Moniepoint. Olaniwun Ajayi acted as Nigerian legal advisors to Development Partners International (DPI). ALN Nigeria | Aluko & Oyebode acted as counsel as to Nigerian law to Moniepoint in connection with the funding round.
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