Moniepoint, a Nigerian fintech company, says it secured investment from Visa, the digital payments giant, to support the growth of small and medium enterprises (SMEs).
In a statement on Wednesday, the fintech said the investment reinforces Visa’s commitment to advancing financial inclusion and fostering SMEs’ growth across Africa.
However, Moniepoint did not disclose the amount invested by Visa.
Speaking on the development, Andrew Torre, Visa’s regional president for Central and Eastern Europe, the Middle East, and Africa, praised Moniepoint for empowering African SMEs through innovative financial solutions.
“Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development,” Torre was quoted as saying.
Torre said Visa’s investment highlights its commitment to advancing digital economies in Africa.
On his part, Tosin Eniolorunda, founder of Moniepoint, expressed his excitement over Visa’s investment, describing it as a strong endorsement of his firm’s mission to scale and support African businesses.
“We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale,” he said.
“Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.”
The investment is the latest addition to Visa’s growing portfolio of stakes in Nigerian fintech unicorns.
Visa now holds investment interest in Interswitch, Flutterwave, and Moniepoint — three of the country’s most prominent fintech companies.
In 2019, the global payments company acquired a minority stake in Interswitch after it achieved unicorn status.
Visa also participated in Flutterwave’s $35 million Series B funding round in 2020.
Earlier in 2018, the company took part in the Series A funding round of Paystack, a Nigerian fintech that was later acquired by Stripe.
The new investment comes three months after Moniepoint raised $110 million in a Series C funding round that trippled its valuation to surpass the billion-dollar mark.
