Moniepoint Inc.

Last updated
Moniepoint Inc.
Native name
Moniepoint
Industry
  • Business Banking
  • Financial Technology
FoundedJune 2015;9 years ago (2015-06)
Founders Tosin Eniolorunda, Felix Ike
Headquarters Lagos,
Nigeria
Key people
  • Tosin Eniolorunda (CEO)
  • Felix Ike (CTO)
ProductsAptPay, MoneyTor [1]
Website moniepoint.com

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. [2]

Contents

History

Moniepoint was founded in 2015 by business executives Tosin Eniolorunda and Felix Ike. It was initially founded under the name, TeamApt. [1]

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]

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References

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