News Wings

Tag: Global Ventures

  • Visa makes Strategic Investment in Moniepoint to Accelerate Financial Inclusion for African SMEs

    Visa makes Strategic Investment in Moniepoint to Accelerate Financial Inclusion for African SMEs

    Moniepoint Inc.,) one of Nigeria’s leading business payments and banking services platforms, has secured an investment from Visa, a global leader in digital payments. The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.

    Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools. The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.

    With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.

    As Africa’s Fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups. 

    Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said, “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. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”

    He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem. We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”

    Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added:

    “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”

    “Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations.” 

    Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.

    Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate. Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem.  The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.

    This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.

    Visa joins other notable investors including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst in advancing Moniepoint’s mission to create a society where everyone experiences financial happiness.

  • Remedial Health secures $4.4 million in seed funding to provide access to credit for neighbourhood pharmacies in Nigeria

    Remedial Health secures $4.4 million in seed funding to provide access to credit for neighbourhood pharmacies in Nigeria

     Remedial Health, a healthtech startup that develops solutions to make Africa’s pharmaceutical value chain more efficient, has raised $4.4 million in seed funding to accelerate its expansion across Nigeria and to provide access to credit for inventory purchases for its growing customer base of neighbourhood pharmacies, Proprietary Patent Medicine Vendors (PPMVs) and hospitals in the country. 

    The seed funding round was led by Global Ventures – a leading MEA venture capital firm, that re-invested after participating in the previous round. Tencent, Y Combinator, Cathexis Ventures, LightSpeed Venture Partners Scout Fund, Ventures Platform, Alumni Ventures and True Capital Management also participated in the round which included prominent angel investors such as Guillaume Luccisano and Christopher Golda.

    Remedial Health provides a range of solutions, including its digital procurement and PMR (patient medication records) platforms that make it easier for neighbourhood pharmacies, PPMVs and hospitals to access affordable and authentic retail medicines. Healthcare providers can source vetted medications at prices the same, or better, than open-air medicine market prices – with 24 hour delivery to their practice via Remedial Health’s logistics network. In addition to procurement, pharmacies and PPMVs can access credit to fund inventory purchases and provide loans and salary advances for employees.

    Since January 2022, Remedial Health has seen 600 percent increase in sales volumes and the company now covers 16 of Nigeria’s 36 states. This new funding will support the rollout of its services across the rest of Nigeria, and also lay the groundwork for expansion across Africa in 2023.

    The impact of various global events from the last three years – from the COVID-19 pandemic to rising inflation – has led to a sharp increase in the price of medicines in Nigeria. For neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) that represent the main source of medicines for the majority of Nigerians, these price increases mean there is added pressure to balance the need to provide lifesaving medicines to their communities and the need to run their businesses effectively. There is also the challenge of an opaque supply chain where manufacturers have limited or delayed visibility into what is happening on the frontlines, which means pharmacies and PPMVs are often left to make do with what they can get, rather than what they need. 

    By leveraging Remedial Health’s tech-enabled platform, neighbourhood pharmacies, PPMVs and hospitals can benefit from group/bulk buying discounts, time-saving and improved efficiency, access to credit to improve their earnings, as well as additional revenue from providing financial services and other primary healthcare services. Manufacturers also benefit from an efficient supply chain, a clear and instant route-to-market for their products and real-time intelligence on product utilization to improve decision-making on forecasting, production and distribution.

    According to Samuel Okwuada, CEO and co-founder of Remedial Health, “Neighbourhood pharmacies and PPMVs have the potential to be the face of a thriving healthcare system in Africa, and we believe that technology can play a significant role in making this vision a reality. The funds that we have raised and the strategic support from our investors will enable us to deliver the solutions to address various challenges that have hampered these businesses’ growth for many years, and make it easier to safeguard lives and livelihoods across the continent for years to come”

    Sacha Haider, Principal at Global Ventures, said, “The market opportunity to serve community pharmacies across Africa is significant; in Nigeria alone, 500,000 community pharmacies drive over 80% of a 70 billion dollar market in annual pharmaceutical sales. The team at Remedial Health is proactively addressing challenges including price opacity, poor drug quality control and a very fragmented supply chain, head on to create a tech-enabled, pharmacy-centered healthcare network that has allowed over 25% in cost reductions at the point of care. We are excited to partner with Sam on his mission to improve access to quality and affordable healthcare in Africa through optimized pharmaceutical supply chains”.