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.

History

Foundation

Moniepoint 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

In 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]

Recognition

In 2022, Moniepoint was named one of the most promising fintech startups by CB Insights,[9] and won the Financial Inclusion Award in 2022.[10]

In 2023 Moniepoint got listed by the Financial Times as the second-fastest growing company in Africa,[11] awarded the Rising Star Family Business award organized by Business Days "My Family My Business", and PwC Nigeria.[12] [13]

Notes and References

  1. Web site: Oladunmade . Muktar . 2023-01-21 . Moniepoint: Rebranding a Fintech Giant . 2023-03-17 . TechCabal . en-US.
  2. Web site: Akintaro . Samson . Here are the 16 payment switching and processing companies in Nigeria . . November 16, 2023 . June 4, 2024.
  3. Web site: Umeh . Juliet . 16 April 2022 . Moniepoint evolves as business bank to ensure seamless banking for SMEs . 22 May 2023 . Vanguard. . en-GB.
  4. July 2019 . Q2 2019 Financial Inclusion Newsletter . Financial Inclusion Newsletter . 4 . 2 . 22 . Central Bank of Nigeria. Abuja, Nigeria.
  5. News: Ehigiator . Sunday . 13 September 2023 . Moniepoint Launches Personal Banking Service to Promote Financial Inclusion . 25 February 2024 . This Day. Apapa, Lagos State, Nigeria.
  6. 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.
  7. Web site: Kene-Okafor . Tage . 10 August 2022 . QED makes its first African investment, backs Nigeria's TeamApt . 17 March 2023 . TechCrunch . en-US.
  8. 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.
  9. 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.
  10. News: Olayinka . Ajayi . 25 November 2022 . CBN award institutions, individuals advancing financial inclusion in Nigeria . 30 August 2023 . Vanguard News.
  11. News: Pilling . David . 2023-05-02 . FT ranking: Africa's Fastest Growing Companies 2023 . Financial Times . 2023-05-22.
  12. News: 25 October 2023 . Firm receives Rising Star Family Business award . 25 February 2024 . The Guardian Nigeria News.
  13. News: 29 October 2023 . Moniepoint MFB wins RisingStar Family Business Award . 25 January 2024 . The Nation.

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