Moniepoint Group has joined Africa's elite unicorn club after securing $110 million in equity funding, marking another milestone in the continent's evolving tech ecosystem.
The funding round, led by Development Partners International (DPI)'s ADP III fund with participation from Google, Verod Capital, and Lightrock, values the company at over $1 billion.
In a decade, we have seen the landscape of African startups grow exponentially with very little investment. Flutterwave, OPay, and Chipper Cash are now the continent's ten most valuable startups.
Flutterwave is leading the ranks with $3 billion, followed by OPay at $2.7 billion and Chipper Cash at $2.2 billion. The top ten companies include Wave, Andela, Esusu, Interswitch Group, MNT-Halan, Moniepoint, and MOOVE, with valuations ranging from $1.7 billion to $750 million.
This growth trajectory is particularly notable given that African startups attracted $3.3 billion in venture funding by 2022, with Nigeria, Kenya, South Africa, and Egypt emerging as the primary tech hubs.
Despite facing global economic challenges, these companies continue to demonstrate the maturity and potential of Africa's tech ecosystem, particularly in fintech, e-commerce, health tech, and agritech sectors.
