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Moniepoint’s Series C Funding Pushes African Startups To Over $250 Million
Moniepoint Funding in African Startups: African startups raised $250 million in funding in October. This development was possible by a significant $110 million Series C round from Nigerian fintech company Moniepoint.
This funding achievement represents a strong performance for the month, as highlighted in the latest report from Africa: The Big Deal, which tracks startup investment across the continent.
Moniepoint Funding in African Startups
This impressive funding month marked the second-highest amount raised this year, following July, and was nearly 50% above the average for the past 12 months. The report highlights that this month’s funding stands out as the strongest October since 2019.
Moniepoint’s Series C funding alone accounted for 43% of the total amount raised by African startups in October.
The Africa: Big Deal report titled ‘Best October on record,’ disclosed that October was the second-best month for funding this year after July and nearly 50 percent above the 12-month average. The month’s haul also represents the best October on record since 2019.
“One of the biggest headlines was Nigerian fintech Moniepoint, which raised $110 million in Series C funding, representing 43 percent of October’s total. With this round, Moniepoint is widely considered Africa’s latest unicorn—a title given to start-ups valued at $1 billion or more.
“However, the valuation of some of Moniepoint’s unicorn peers has been questioned, as their assessments are based on funding rounds that are now somewhat dated. Moniepoint’s round drew significant attention within the continent and beyond, underscoring Nigeria’s place as a fintech powerhouse in Africa,” it said.
Also Read: Moniepoint USSD Code for Airtime, Transfer, & Mobile Banking
Other Notable Investments In African Startups
Apart from other notable deals in October included BasiGo’s $42 million Series A and a $33 million Series C secured by cryptocurrency exchange Yellow Card.
Overall, 60% of October’s funding went to Nigerian start-ups, with the fintech sector leading the charge by also capturing 60% of total funds.
However, the funding landscape highlighted a notable gender gap, with 98% of investments going to ventures with male CEOs and 97% to start-ups without a female founder.
Moniepoint’s October fundraising made it the second big ticket for Nigerian startups this year, the first being which had raised $100 million in a Series B round led by Uber, and a $10 million debt deal to finance its India expansion.
However, outside these two, Nigerian startups have been experiencing a scarcity of big deals this year, while the small deals come in trickles.
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