Moniepoint Targets Kenya With New Unicorn Status But Tough Task Awaits

Nigeria's prominent fintech challenger, Moniepoint , is Africas newest unicorn-only the eighth ever-following a USD 110 M Series C funding round led by Development Partners International DPI, a private equity player.

The funding, backed by investors such as Google and Verod Capital, brings Moniepoint's valuation above USD 1 B, cementing its place among Africa's elite tech companies a highlight amid a funding lull in African tech.

With its sights set on continental expansion, the company's first target outside Nigeria is shaping up to be Kenya, insiders say.

"The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa's entrepreneurial potential," Co-Founder/CEO Tosin Eniolorunda said.

Yet, despite its confidence in penetrating new markets, Moniepoint faces a daunting challenge-Kenya's notoriously tough fintech landscape.