This Week in Startups
Jason Calacanis covers startups, tech, markets, media, and all the hottest topics in business and technology. He also interviews the world’s greatest founders, operators, investors, and innovators.
Fast growth, big capital, and how Moniepoint is building a fintech unicorn in Africa | E2036
Moniepoint made waves this week by raising a massive $110 million Series C. For a startup in a category (fintech) that has seen its venture fortunes falter and a company building for the African market (which has seen its venture inflows slow), Moniepoint is an outlier – twice. Three times if you consider how quickly the company has grown in recent years. How did its round come together? How was it priced? And why aren’t more investors putting capital to work in Africa? Tune in, we have answers.
Key Points
- MoneyPoint, originally TeamAct, pivoted from providing white-label software solutions for banks to becoming one of Nigeria's largest financial service providers, emphasizing profitability and sustainable growth.
- The company has experienced remarkable growth, with a compound annual growth rate exceeding 300% and successfully expanding its services to include both business and consumer banking, contributing to significant increases in transaction volumes and customer base.
- Despite the challenges of raising capital in a less saturated venture market, MoneyPoint secured a $110 million Series C round, emphasizing the importance of understanding and mitigating risks such as currency devaluation while maintaining a focus on expansion and profitability.
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Transcript
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