Wikipedia

Moniepoint Inc

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

Moniepoint Inc.
Native name
Moniepoint
Industry
  • Business Banking
  • Financial Technology
FoundedJune 2015; 8 years ago (2015-06) in Lagos, Nigeria
FounderTosin Eniolorunda, Felix Ike
Key people
  • Tosin Eniolorunda (CEO)
  • Felix Ike (CTO)
Products
Websitehttps://moniepoint.com/

History edit

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.[3][4]

In 2019, Moniepoint Inc. received a switching license in Nigeria.[5] In 2022, Moniepoint received a banking license from the Central Bank of Nigeria and began offering business banking services to merchants in Nigeria.[6][7] In July 2023, Moniepoint launched personal banking services[8] for individuals in line with the Central Bank of Nigeria's financial inclusion goal.[9][10]

Awards edit

Moniepoint has been named one of the most promising fintech startups of 2022 by CB Insights.[11][12] Moniepoint also won the Financial Inclusion Award[13] 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.[14][15] In 2023, Moniepoint was awarded the prestigious Rising Star Family Business award organized by Businessday, My Family My Business, and PwC Nigeria.[16][17]

Fundraising edit

In February 2019, Moniepoint announced funding of $5.5 million[18][19] 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 funding led by QED investors,[20][21] a US-based venture capital firm.

Investment edit

In March 2023, Moniepoint led the $3 million seed investment round for Nigerian NeoBank, Payday.[22]

Subsidiaries edit

  • Moniepoint Microfinance Bank, Nigeria
  • TeamApt Ltd[23]

References edit

  1. ^ Oladunmade, Muktar (2023-01-21). "Moniepoint: Rebranding a Fintech Giant". TechCabal. Retrieved 2023-03-17.
  2. ^ Mabia, Joy (25 June 2021). "Founders of TeamApt selected as Endeavor Entrepreneurs". Endeavor Nigeria. Retrieved 22 May 2023.
  3. ^ Harrison, Polly Jean (14 January 2021). "TeamApt Announces New Consumer Focus and Expansion Plans After Strong 2020 Performance". The Fintech Times. Retrieved 22 July 2023.
  4. ^ Oyeniyi, Adegoke (2021-12-17). "Inside TeamApt: How an upstart overturned competition to dominate agency banking". TechCabal. Retrieved 2023-05-22.
  5. ^ Ndiomewese, Ifeanyi (11 April 2019). "What the recently acquired switching license from CBN could mean for TeamApt". Techpoint Africa. Retrieved 22 May 2023.
  6. ^ Tom, Jackson (23 October 2020). "Fintech Startup TeamApt Now Operates Nigeria's Largest Non-Bank Mobile Money Platform". NextBillion. Retrieved 25 February 2024.
  7. ^ Umeh, Juliet (16 April 2022). "Moniepoint evolves as business bank to ensure seamless banking for SMEs". Vanguard News. Retrieved 22 May 2023.
  8. ^ Yvonne, Ugwuezuoha (6 September 2023). "Moniepoint to foster financial inclusion with personal banking". Daily Trust.
  9. ^ "Q2 2019 Financial Inclusion Newsletter" (PDF). Financial Inclusion Newsletter. 4 (2): 1. July 2019 – via Central Bank of Nigeria.
  10. ^ Ehigiator, Sunday (13 September 2023). "Moniepoint Launches Personal Banking Service to Promote Financial Inclusion". This Day Live. Retrieved 25 February 2024.
  11. ^ Investors, King (5 October 2022). "FINTECHOPay, Paga, Others Makes CB Insights List of Promising Fintech Startups 2022". Investors King. Retrieved 5 October 2022.
  12. ^ Oluwole, Victor (2022-10-05). "6 most promising African fintech startups as per CB Insights 2022 list". Business Insider Africa. Retrieved 2023-02-09.
  13. ^ Olayinka, Ajayi (25 November 2022). "CBN award institutions, individuals advancing financial inclusion in Nigeria". Vanguard News. Retrieved 30 August 2023.
  14. ^ Pilling, David (2023-05-02). "FT ranking: Africa's Fastest Growing Companies 2023". Financial Times. Retrieved 2023-05-22.
  15. ^ "Fintech Giant - Moniepoint - Ranked Africa's Second-fastest Growing Company by the Financial Times - Fintech Finance". Fintech Finance News. 2 May 2023.
  16. ^ "Firm receives Rising Star Family Business award". The Guardian Nigeria News. 25 October 2023. Retrieved 25 February 2024.
  17. ^ "Moniepoint MFB wins RisingStar Family Business Award". The Nations Newspaper. 29 October 2023. Retrieved 25 January 2024.
  18. ^ Nsehe, Mfonobong (11 March 2019). "From Self-Funded To Series A - How TeamApt Is Transforming Africa's Payment Sector". Forbes. Retrieved 21 July 2023.
  19. ^ "Nigerian fintech TeamApt raises $5.5m in round led by Quantum Capital Partners". Ventureburn. 28 February 2019.
  20. ^ Pathe, Tyler (14 August 2022). "QED Makes First Investment in Africa With Backing For Nigerian Fintech". The Financial Times. Retrieved 25 February 2024.
  21. ^ Kene-Okafor, Tage (10 August 2022). "QED makes its first African investment, backs Nigeria's TeamApt". TechCrunch. Retrieved 17 March 2023.
  22. ^ 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.
  23. ^ "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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