Moniepoint Inc.
Native name
Moniepoint
Industry
  • Business Banking
  • Financial Technology
FoundedJune 2015 (2015-06) in Lagos, Nigeria
FounderTosin Eniolorunda, Felix Ike
Key people
  • Tosin Eniolorunda (CEO)
  • Felix Ike (CTO)
Products
Websitehttps://moniepoint.com/

Moniepoint Inc. (formerly TeamApt Inc),[1][2] is a fintech company founded by Tosin Eniolorunda and Felix Ike[3] in 2015 focusing on providing financial solutions for businesses.

History

Moniepoint Inc. was founded in 2015 by Tosin Eniolorunda and Felix Ike, who met during their time at Interswitch. Moniepoint Inc. was founded under the name “TeamApt” to provide back-end services to Nigerian banks.[4][5]

In 2019, Moniepoint Inc. received a switching license in Nigeria.[6] In 2022, Moniepoint received a banking license from the Central Bank of Nigeria and began offering business banking services to merchants in Nigeria.[7]

Awards

Moniepoint has been named one of the most promising fintech startups of 2022 by CB Insights.[8][9] Moniepoint also won the Financial Inclusion Award[10] from the Central Bank Of Nigeria at the International Financial Inclusion Conference 2022 edition.

In May 2023, Moniepoint got listed by the Financial Times as the second-fastest growing company in Africa.[11]

Fundraising

In February 2019, Moniepoint announced funding of $5.5 million[12] in a Series A fundraising from Quantum Capital Partners.

In July 2021, Moniepoint announced it raised an undisclosed capital in a Series B Funding round led by Novastar Ventures. The latest funding was $50 million in pre-series C[13] funding led by QED investors,[14] a US-based venture capital firm.

Investment

In March 2023, Moniepoint led the $3 million seed investment round for Nigerian NeoBank, Payday.[15]

Subsidiaries

  • Moniepoint Microfinance Bank, Nigeria
  • TeamApt Ltd[16]

References

  1. ↑ Muktar, Oladunmade (13 January 2023). "TeamApt sheds its name, rebrands as Moniepoint". TechCabal. TechCabal. Retrieved 13 January 2023.
  2. ↑ Oladunmade, Muktar (2023-01-21). "Moniepoint: Rebranding a Fintech Giant". TechCabal. Retrieved 2023-03-17.
  3. ↑ "Tosin Eniolorunda & Felix Ike – Endeavor Nigeria". Retrieved 2023-05-22.
  4. ↑ Oyeniyi, Adegoke (2021-12-17). "Inside TeamApt: How an upstart overturned competition to dominate agency banking". TechCabal. Retrieved 2023-05-22.
  5. ↑ "TeamApt's evolution from a tech provider to a B2B startup". Benjamindada.com, modern tech media in SSA. 2023-01-18. Retrieved 2023-05-22.
  6. ↑ "What the recently acquired switching license from CBN could mean for TeamApt". 2019-04-11. Retrieved 2023-05-22.
  7. ↑ Jackson, Tom (2022-04-18). "Nigeria's TeamApt relaunches Moniepoint product as business bank". Disrupt Africa. Retrieved 2023-05-22.
  8. ↑ Investors, King (5 October 2022). "FINTECHOPay, Paga, Others Makes CB Insights List of Promising Fintech Startups 2022". Investors King. Investors King. Retrieved 5 October 2022.
  9. ↑ Oluwole, Victor (2022-10-05). "6 most promising African fintech startups as per CB Insights 2022 list". Business Insider Africa. Retrieved 2023-02-09.
  10. ↑ Olayinka, Ajayi. "CBN award institutions, individuals advancing financial inclusion in Nigeria". Retrieved 25 November 2022.
  11. ↑ Pilling, David (2023-05-02). "FT ranking: Africa's Fastest Growing Companies 2023". Financial Times. Retrieved 2023-05-22.
  12. ↑ Kene, Okafor (12 January 2021). "Why Nigerian fintech startup, TeamApt is changing business model and expanding across West and North Africa". Techpoint. Retrieved 12 January 2021.
  13. ↑ Samson, Akintaro. "DEAL: Nigerian fintech startup, TeamApt raises over $50 million to expand into new markets". Nairametrics. Retrieved 1 August 2021.
  14. ↑ Kene-Okafor, Tage (2022-08-10). "QED makes its first African investment, backs Nigeria's TeamApt". TechCrunch. Retrieved 2023-03-17.
  15. ↑ Kene-Okafor, Tage (2023-03-29). "Payday wants to power the future of work for Africa with $3M seed led by Moniepoint Inc". TechCrunch. Retrieved 2023-05-22.
  16. ↑ "TeamApt Inc. rebrands as Moniepoint Inc. to empower more African small and medium enterprises to grow". Business Insider Africa. 2023-01-13. Retrieved 2023-05-22.
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