As a sign of its success as the one-stop digital banking solution for companies all over Nigeria, TeamApt Incorporated, the leading commercial banking platform in that country, has adopted the name of its flagship product, Moniepoint. In Nigeria, the Moniepoint brand is already well-known and dependable among its client base, so using that name will remove a barrier between the company’s image and the target market.
The transition to the Moniepoint brand and the relocation of the company’s headquarters to London represent the following phase of the expansion strategy for the company.
Despite a rough patch for global financial markets in the second half of 2022, TeamApt’s Moniepoint, a digital banking solution for small and medium companies, has achieved unparalleled growth. With a customer base of more than 600,000 businesses and an annually Total Payments Volume (TPV) of more than $170 billion, it presently processes the bulk of POS transactions in Nigeria. This has allowed it to more than treble its annual revenues in 2022. The Central Bank of Nigeria awarded this product the National Inclusive Payment Initiative Award due to its wide use.
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The platform also introduced a credit offering in 2022, which has already provided working capital loans totaling more than $1.4 billion.
The company, which has been profitable since 2020, is supported by eminent institutional investors such as QED Investors, Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst, and New Voices Fund. In July 2022, the business became QED Investors’ initial venture in Africa.
Tosin Eniolorunda, co-founder and CEO of Moniepoint said: “When we started out in 2015, we were primarily providing back office payment infrastructure for banks and needed an apt team, hence the name TeamApt. Since then we have evolved significantly and our flagship business banking solution, Moniepoint, has become our core focus and where we see the future. Now as we head into our next step in our journey, we’ve changed our name to reflect the company’s commitment to enable a world where any business has access to the digital tools and capital needed to grow, no matter its stage, size or location, and as Moniepoint we believe we can achieve this.”
Brian Waswani Odhiambo, Partner of Novastar Ventures said: “Moniepoint is uniquely positioned to accelerate the digitization of banking for underserved businesses. Its leadership team has deep sector knowledge and an enviable track record in the financial services space, which is evident from Moniepoint’s ongoing success. Since partnering, Moniepoint has already displayed amazing growth and we’re excited to see the evolution of the business, as it sets out to deliver best-in-class banking and business solutions.”
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Ravi Sharma, Partner at Lightrock, commented: “We are very pleased with TeamApt’s move to Moniepoint. Recognized by millions, this brand reflects the company’s focus on innovation and customer-centricity, while also positioning the business for continued growth in Nigeria and across Africa. We look forward to working with Tosin and the talented Moniepoint team as they go from strength to strength.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard