Moniepoint Inc

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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/

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.

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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