Global law firm Norton Rose Fulbright has advised Development Partners International (DPI) and Verod Capital Management (Verod) on their investment in Moniepoint, one of Africa’s fastest growing FinTech companies.
Moniepoint is one of Nigeria’s leading business banking providers and it processes over 800 million transactions, with a monthly total value exceeding US$17 billion. It has been recognised for its positive impact on increasing financial inclusion across Africa.
The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa. Other new investors include Google’s Africa Investment Fund and Verod – a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated.
The capital raised will be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.
The cross-border team advising DPI and Verod was led by partner Bayo Odubeko supported in London by associates Matthew Eccles, Frederic Moioli, Daniel Femi-Alemede, Ellen Pen and Emma Torok as well as partner Michael Alliston. San Francisco partner Lior Nuchi and New York partner Ryan Waggoner advised on Delaware law aspects of the deal.
Norton Rose Fulbright has a market leading, highly successful and long-established, global Africa practice. The team regularly advises on transformative and high-profile TMT and digital infrastructure transactions and investments across the continent. This includes acting for Xero Limited in relation to the acquisition of Syft, a South African-based leading global cloud-based reporting, insights and analytics platform for small businesses, accountants and bookkeepers.
Norton Rose Fulbright is ranked Tier 1 for FinTech in the Legal 500 directory of leading law firms.
