Moniepoint Inc
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Native name | Moniepoint |
|---|---|
| Industry |
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| Founded | June 2015 in Lagos, Nigeria |
| Founder | Tosin Eniolorunda, Felix Ike |
Key people | |
| Products | |
Moniepoint Inc, (formerly TeamApt Inc)[1][2] is a fintech company founded by Tosin Eniolorunda and Felix Ike[3] in 2015 which is focused 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.[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[edit]
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[edit]
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[edit]
In March 2023, Moniepoint led the $3 million seed investment round for Nigerian NeoBank, Payday.[15]
Subsidiaries[edit]
- Moniepoint Microfinance Bank, Nigeria
- Monnify
- TeamApt Ltd[16]
References[edit]
- ^ Muktar, Oladunmade (13 January 2023). "TeamApt sheds its name, rebrands as Moniepoint". TechCabal. TechCabal. Retrieved 13 January 2023.
- ^ Oladunmade, Muktar (2023-01-21). "Moniepoint: Rebranding a Fintech Giant". TechCabal. Retrieved 2023-03-17.
- ^ "Tosin Eniolorunda & Felix Ike – Endeavor Nigeria". Retrieved 2023-05-22.
- ^ Oyeniyi, Adegoke (2021-12-17). "Inside TeamApt: How an upstart overturned competition to dominate agency banking". TechCabal. Retrieved 2023-05-22.
- ^ "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.
- ^ "What the recently acquired switching license from CBN could mean for TeamApt". 2019-04-11. Retrieved 2023-05-22.
- ^ Jackson, Tom (2022-04-18). "Nigeria's TeamApt relaunches Moniepoint product as business bank". Disrupt Africa. Retrieved 2023-05-22.
- ^ 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.
- ^ Oluwole, Victor (2022-10-05). "6 most promising African fintech startups as per CB Insights 2022 list". Business Insider Africa. Retrieved 2023-02-09.
- ^ Olayinka, Ajayi. "CBN award institutions, individuals advancing financial inclusion in Nigeria". Retrieved 25 November 2022.
- ^ Pilling, David (2023-05-02). "FT ranking: Africa's Fastest Growing Companies 2023". Financial Times. Retrieved 2023-05-22.
- ^ 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.
- ^ Samson, Akintaro. "DEAL: Nigerian fintech startup, TeamApt raises over $50 million to expand into new markets". Nairametrics. Retrieved 1 August 2021.
- ^ Kene-Okafor, Tage (2022-08-10). "QED makes its first African investment, backs Nigeria's TeamApt". TechCrunch. Retrieved 2023-03-17.
- ^ 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.
- ^ "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.