Moniepoint Inc. Explained

Moniepoint Inc.
Native Name:Moniepoint
Location:Lagos
Location City:Nigeria
Founders:Tosin Eniolorunda, Felix Ike
Products:AptPay, MoneyTor

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. In November 2024, Bayo Olujobi was appointed its Chief Financial Officer (CFO) to aid the bank's vision to improve financial inclusion in Africa.[1]

History

Moniepoint was founded in 2015 by business executives Tosin Eniolorunda and Felix Ike. It was initially founded under the name, TeamApt.[2]

In March 2019, Moniepoint announced funding of $5.5 million in a Series A fundraising from Quantum Capital Partners.[3] In November 2019, Moniepoint received a switching license from the Central Bank of Nigeria.[4] [5]

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.[6]

In March 2023, Moniepoint led the $3 million seed investment round for Nigerian neobank Payday.[7]

In July 2023, the company launched a personal banking service.[8] [9]

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[10] and Verod Capital while existing investor, Lightrock also participated in the round.[11] [10] [12]

Recognition

In 2022, Moniepoint was named One of the Most Promising Fintech Startups by CB Insights[13] and also won the Financial Inclusion Award.[14]

In 2023, Moniepoint got listed by the Financial Times as the Second-Fastest Growing Company in Africa.[15] Also, it was awarded the Rising Star Family Business award organized by Business Day and PwC Nigeria.[16] [17]

In 2024, Best Hospitality Industry Support Fintech award at the Hotel Industry Excellence and Sustainability Awards (HIESA).[18]

Notes and References

  1. Web site: Akintaro . Samson . 2024-11-06 . Moniepoint appoints ex-Stanbic IBTC’s Bayo Olujobi as Chief Financial Officer . 2024-11-06 . Nairametrics . en-US.
  2. Web site: Oladunmade . Muktar . 2023-01-21 . Moniepoint: Rebranding a Fintech Giant . 2023-03-17 . TechCabal . en-US.
  3. News: Nsehe . Mfonobong . 11 March 2019 . From Self-Funded To Series A - How TeamApt Is Transforming Africa's Payment Sector . 21 July 2023 . Forbes . en.
  4. Web site: Samson . Akintaro . November 16, 2023 . Here are the 16 payment switching and processing companies in Nigeria . June 4, 2024 . Nairametrics.
  5. Web site: Umeh . Juliet . 16 April 2022 . Moniepoint evolves as business bank to ensure seamless banking for SMEs . 22 May 2023 . Vanguard. . en-GB.
  6. Web site: Kene-Okafor . Tage . 10 August 2022 . QED makes its first African investment, backs Nigeria's TeamApt . 17 March 2023 . TechCrunch . en-US.
  7. Web site: Kene-Okafor . Tage . 2023-03-29 . Payday wants to power the future of work for Africa with $3M seed led by Moniepoint Inc . 2023-05-22 . TechCrunch . en-US.
  8. July 2019 . Q2 2019 Financial Inclusion Newsletter . Financial Inclusion Newsletter . 4 . 2 . 22 . Central Bank of Nigeria. Abuja, Nigeria.
  9. News: Ehigiator . Sunday . 13 September 2023 . Moniepoint Launches Personal Banking Service to Promote Financial Inclusion . 25 February 2024 . This Day. Apapa, Lagos State, Nigeria.
  10. News: 29 October 2024 . Google among investors putting $110 million into Nigeria's Moniepoint . 29 October 2024 . Reuters.
  11. News: Adeoye . Aanu . 29 October 2024 . Nigeria-based fintech Moniepoint gains ‘unicorn’ status . 29 October 2024 . Financial Times.
  12. Web site: Nigeria-based fintech Moniepoint gains unicorn status . 2024-10-29 . thepaypers.com . en.
  13. Web site: Oluwole . Victor . 2022-10-05 . 6 most promising African fintech startups as per CB Insights 2022 list . 2023-02-09 . Business Insider Africa . en.
  14. News: Olayinka . Ajayi . 25 November 2022 . CBN award institutions, individuals advancing financial inclusion in Nigeria . 30 August 2023 . Vanguard News.
  15. News: Pilling . David . 2023-05-02 . FT ranking: Africa's Fastest Growing Companies 2023 . Financial Times . 2023-05-22.
  16. News: 25 October 2023 . Firm receives Rising Star Family Business award . 25 February 2024 . The Guardian Nigeria News.
  17. News: 29 October 2023 . Moniepoint MFB wins RisingStar Family Business Award . 25 January 2024 . The Nation.
  18. Web site: Chinenye . Anuforo . 2024-05-02 . Moniepoint MFB Wins Best Fintech Award for Supporting Nigeria's Hospitality Industry . 2024-10-14 . The Sun Nigeria . en-US.

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