LAGOS, Oct 29 (Reuters) - Nigeria based fintech

Moniepoint has raised $110 million in new funding from investors

including Google to scale up digital payments and banking

solutions across Africa, the company said on Tuesday.

Moniepoint started operations in 2015 providing

infrastructure and payment solutions for banks and financial

institutions but has grown to also offer personal banking

services.

The latest funding round was supported by existing investors

London-based Development Partners International and private

equity firm Lightrock. Google's Africa Investment Fund and Verod

Capital came in as new investors.

Sources close to the transaction said the new funding valued

Moniepoint above $1 billion, giving it "unicorn" status - a term

for tech firms with a valuation of a billion dollars or more.

The new capital would be used to speed up Moniepoint's

growth across Africa and build an integrated platform for

businesses.

"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," Moniepoint said.

Nigeria is the fastest growing fintech market in Africa,

driven by its more than 200 million people, many who still lack

access to financial services like banking.

Moniepoint started offering personal banking services in

August last year.

The fintech says it processes over 800 million transactions,

with a monthly value of more than $17 billion.