In a significant milestone for the African startup ecosystem, Moniepoint, a Nigerian fintech company, has reached a valuation of $1 billion after raising $110 million in Series C funding. This makes it the eighth unicorn on the continent.

The new funding round, which triples Moniepoint's previous valuation of $400 million, is a breath of fresh air for African startups, which have witnessed a decline in venture capital investment this year. According to the funding tracker Africa: the Big Deal, African startups attracted a total of $1.4 billion in the first three quarters of the year, down 38% from the same period last year.

Moniepoint, which already has a strong presence in Nigeria, plans to use the new funding to expand across the continent through strategic acquisitions. The startup is expected to begin its expansion in Kenya, with talks already underway.

This achievement is not only a win for Moniepoint but also a testament to the potential of African startups to attract significant investment despite the current funding landscape. The fintech company's success is expected to inspire other startups on the continent, and its expansion plans are likely to create new opportunities for entrepreneurs and businesses in Africa.