Moniepoint (formerly TeamApt) is a Nigerian fintech company based in Lagos that provides banking services and loans via an online banking app. The company was founded by Tosin Eniolorunda and Felix Ike in 2015.
 | |
Native name | Moniepoint |
|---|---|
| Industry |
|
| Founded | June 2015 |
| Founders | Tosin Eniolorunda, Felix Ike |
| Headquarters | Lagos, |
Key people | |
| Products | AptPay, MoneyTor[1] |
| Website | moniepoint |
History
editFoundation
editMoniepoint was founded in 2015 by business executives Tosin Eniolorunda and Felix Ike. It was initially founded under the name, TeamApt.[1] In 2019, Moniepoint received a switching license from the Central Bank of Nigeria.[2][3] In July 2023, the company launched a personal banking service.[4][5]
Fundraising
editIn 2019 Moniepoint announced funding of $5.5 million in a Series A fundraising from Quantum Capital Partners.[6] In 2021, the company announced an undisclosed capital in a Series B Funding round led by Novastar Ventures. It also fundraised the $50 million in pre-series C funding led by QED investors.[7] In March 2023, Moniepoint led the $3 million seed investment round for Nigerian neobank Payday.[8]
In October 2024, Moniepoint became the eighth unicorn out of Africa after the announcement of a US$110 million in Series C fund raise led by Development Partners International’s African Development Partners (ADP) III fund, Google’s Africa Investment Fund[9] and Verod Capital while existing investor, Lightrock also participated in the round.[10][9][11]
Recognition
editIn 2022, Moniepoint was named one of the most promising fintech startups by CB Insights,[12] and won the Financial Inclusion Award in 2022.[13]
In 2023 Moniepoint got listed by the Financial Times as the second-fastest growing company in Africa.[14] Also, it was awarded the Rising Star Family Business award organized by Business Day's "My Family My Business", and PwC Nigeria.[15][16]
In 2024, Best Hospitality Industry Support Fintech Award at the Hotel Industry Excellence and Sustainability Awards(HIESA).[17]
References
edit- ^ a b Oladunmade, Muktar (2023-01-21). "Moniepoint: Rebranding a Fintech Giant". TechCabal. Retrieved 2023-03-17.
- ^ Samson, Akintaro (November 16, 2023). "Here are the 16 payment switching and processing companies in Nigeria". Nairametrics. Retrieved June 4, 2024.
- ^ Umeh, Juliet (16 April 2022). "Moniepoint evolves as business bank to ensure seamless banking for SMEs". Vanguard. Lagos, Nigeria. Retrieved 22 May 2023.
- ^ "Q2 2019 Financial Inclusion Newsletter" (PDF). Financial Inclusion Newsletter. 4 (2). Abuja, Nigeria: Central Bank of Nigeria: 22. July 2019.
- ^ Ehigiator, Sunday (13 September 2023). "Moniepoint Launches Personal Banking Service to Promote Financial Inclusion". This Day. Apapa, Lagos State, Nigeria. Retrieved 25 February 2024.
- ^ Nsehe, Mfonobong (11 March 2019). "From Self-Funded To Series A - How TeamApt Is Transforming Africa's Payment Sector". Forbes. Retrieved 21 July 2023.
- ^ Kene-Okafor, Tage (10 August 2022). "QED makes its first African investment, backs Nigeria's TeamApt". TechCrunch. Retrieved 17 March 2023.
- ^ 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.
- ^ a b "Google among investors putting $110 million into Nigeria's Moniepoint". Reuters. 29 October 2024. Retrieved 29 October 2024.
- ^ Adeoye, Aanu (29 October 2024). "Nigeria-based fintech Moniepoint gains 'unicorn' status". Financial Times. Retrieved 29 October 2024.
- ^ "Nigeria-based fintech Moniepoint gains unicorn status". thepaypers.com. Retrieved 2024-10-29.
- ^ 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 (25 November 2022). "CBN award institutions, individuals advancing financial inclusion in Nigeria". Vanguard News. Retrieved 30 August 2023.
- ^ Pilling, David (2023-05-02). "FT ranking: Africa's Fastest Growing Companies 2023". Financial Times. Retrieved 2023-05-22.
- ^ "Firm receives Rising Star Family Business award". The Guardian Nigeria News. 25 October 2023. Retrieved 25 February 2024.
- ^ "Moniepoint MFB wins RisingStar Family Business Award". The Nation. 29 October 2023. Retrieved 25 January 2024.
- ^ Anuforo, Chinenye (2024-05-02). "Moniepoint MFB Wins Best Fintech Award for Supporting Nigeria's Hospitality Industry". The Sun Nigeria. Retrieved 2024-10-14.